Have a richer retirement with some help from us. We’ll find the IRA that meets your needs.
- Competitive Interest
- No Setup or Maintenance Fees
- Tax Advantages
- Competitive interest rates above standard savings interest rates (call for current rates)
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- $6,500 contribution limit per year (2023)
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- $100 minimum deposit to open Variable Rate IRA
- All others require a $1,000 minimum balance
There are advantages to both Traditional and Roth IRAs.
One of the most significant differences is the time at which you see the most payback advantage. A Traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the greatest tax benefit when you retire.
Select a traditional IRA if you foresee upcoming expenses important enough to take the tax hit. Choosing a Roth IRA is choosing to truly prioritize your retirement, with built-in tax incentives to let the money stay put. Sutton Bank's personal bankers will guide you through the process to find the best fit for you.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty2
- Mandatory withdrawals at age 70 ½
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59 ½
- Early withdrawals on interest subject to penalty2
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.