Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Save for the future with a tax advantaged IRA from The Community Bank. We offer a good interest rate to help you afford the retirement you always dreamt of. There are no set-up fees or service charges, so every dollar you earn stays yours. Choose a traditional IRA that allows you to defer taxes or a Roth IRA, which may provide tax-free earnings. Whatever your retirement goals, we can help you achieve them.

  • Save for retirement
  • Traditional and Roth IRAs
  • No set-up or service fees
  • $1,000 minimum amount to open
  • Competitive interest rates
  • Tax free and tax deferred
  • Some age and deposit limits apply
  • Penalty for early withdrawal

View our current rates here.

Traditional vs. Roth

Traditional IRA

Annual contributions may be tax-deductible, and interest earned is tax-deferred until distributions are taken.

  • Anyone under age 70½ can open
  • No annual fee or set-up charges
  • Contributions may be tax deductible*
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50 and up
  • Earnings accumulate tax-deferred*
  • Withdrawals can begin at age 59½
  • Mandatory withdrawals at age 70½
  • Early withdrawals subject to penalty**

Roth IRA

Contributions are made from taxable income, but interest and deductions are tax-free.

  • No annual fee or set-up charges
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50 and up
  • Contributions are not tax deductible*
  • Earnings and principal may be tax free upon withdrawal
  • Principal may be withdrawn penalty-free at any time*
  • Early dividend withdrawals subject to penalty**
  • Earnings can be withdrawn penalty-free at age 59½
  • No mandatory distribution age

*Consult with a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.