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Have a richer retirement with some help from us. We’ll find the IRA that meets your needs.

Key Features

  • 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.

Traditional IRA

  • 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 

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty1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.

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