IRA Individual Retirement Accounts
Retirement… you can’t start too early and it’s never too late.
How IRAs Work
IRAs are a smart way to help plan for your retirement. Part of retirement planning is determining how much money you will need to live on after you retire. IRA plans allow you to designate an amount of money towards retirement. The income from interest, dividends and/or capital gains can compound each year tax deferred which provides you more money when you need it the most. In addition, you also can eliminate or reduce taxes on either the money you contribute into the plan initially or on the money you withdraw in retirement, depending upon the type of IRA plan you choose.
Types of IRAs
Set up your Retirement Account today! We can even help you rollover or transfer your existing retirement accounts. A minimum $500 opening deposit is required. Short and long-term maturities ranging from 3 months to 5 years are available to fit your retirement schedule. Please consult your tax advisor for plan eligibility contribution limits.
Traditional IRA
- Tax-deferred growth of contributions and earnings until withdrawn.
- No income limits to contribute
- Withdrawals may begin at age 59 ½
- Mandatory withdrawals begin at age 73
- Early withdrawals subject to penalty (certain exceptions apply)
Roth IRA
- Nondeductible contributions
- Income limits apply to be eligible to contribute
- No age limit on contributions (as long as you have earned income)
- Tax-free withdrawals of earnings as long as qualifications are met
- Early withdrawals subject to penalty (certain exceptions apply)
- No mandatory distribution age
SIMPLE IRA Plan
- Employers can deduct employee elective deferrals and employer matching or nonelective contributions
- All contributions and earnings are tax deferred until distribution
- Any employer may adopt a SIMPLE IRA plan by meeting just two conditions.
- 100 or fewer employees who each received at least $5,000 of compensation for the preceding year
- An employer cannot actively maintain certain other retirement plans while maintaining a SIMPLE IRA plan
Simplified Employee Pension (SEP) Plan
- A retirement plan established by an employer or self-employed person
- Each year, the employer can contribute a certain percentage of each eligible employee’s compensation directly to the employee’s SEP IRA
- Contribution limits are often higher than standard IRAs
Coverdell Education Savings Account (CESA)
- Tax free distributions and earnings provided the funds are used for qualified child’s education expenses
- Contributors are subject to income restrictions
- No requirements for the contributor to have compensation or be under or over a certain age
- Non-individual contributors are allowed (i.e. corporations or tax-exempt organizations) with no income restrictions
- Responsible individual assigned to control the assets until the child reaches the age of majority
Flex Plan IRA
Allows you to open a Traditional or Roth IRA account without a large initial deposit and helps you grow your retirement savings with regular transfers from your FNB checking account.
- 12 months Certificate of Deposit Term
- Minimum opening deposit of $25
- Minimum investment annually is $500 by automatic funds transfers from FNB checking account
IRA CD Rates
Rates effective as of 01/21/2025
| Term | Minimum Balance | Interest Rate | APY |
|---|---|---|---|
| Special IRA 60 Month | $500 | 3.21% | 3.25% |
| * APY = Annual Percentage Yield – Fees may reduce earnings APY is subject to change without notice Rates may change after account is open |
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| Term | Minimum Balance | Interest Rate | APY |
|---|---|---|---|
| 60 Months | $500 | 3.11% | 3.15% |
| 48 Months | $500 | 3.02 % | 3.05% |
| 36 Months | $500 | 2.97% | 3.00% |
| 24 Months | $500 | 2.92% | 2.95% |
| 18 Months | $500 | 2.67% | 2.70% |
| 12 Months | $500 | 3.16% | 3.20% |
| 9 Months (275 days) | $500 | 3.89% | 3.95% |
| 6 Months (182 Days) | $500 | 3.89% | 3.95% |
| 3 Months (91 Days) | $500 | 3.89% | 3.95% |
| * APY = Annual Percentage Yield – Fees may reduce earnings. APY is subject to change without notice. Rates may change after account is open. |
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| Term | Minimum Balance | Interest Rate | APY |
|---|---|---|---|
| 60 Months | $10,000 | 3.21% | 3.25% |
| 48 Months | $10,000 | 3.11% | 3.15% |
| 36 Months | $10,000 | 3.06% | 3.10% |
| 24 Months | $10,000 | 3.02% | 3.05% |
| 18 Months | $10,000 | 2.77% | 2.80% |
| 12 Months | $10,000 | 3.26% | 3.30% |
| 9 Months (275 days) | $10,000 | 3.99% | 4.05% |
| 6 Months (182 Days) | $10,000 | 3.99% | 4.05% |
| 3 Months (91 Days) | $10,000 | 3.99% | 4.05% |
| * APY = Annual Percentage Yield – Fees may reduce earnings. APY is subject to change without notice. Rates may change after account is open. |
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| Term | Minimum Balance | Interest Rate | APY |
|---|---|---|---|
| 60 Months | $100,000 | 3.46% | 3.50% |
| 48 Months | $100,000 | 3.31% | 3.35% |
| 36 Months | $100,000 | 3.26% | 3.30% |
| 24 Months | $100,000 | 3.21% | 3.25% |
| 18 Months | $100,000 | 2.97% | 3.00% |
| 12 Months | $100,000 | 3.46% | 3.50% |
| 9 Months (275 days) | $100,000 | 4.18% | 4.25% |
| 6 Months (182 Days) | $100,000 | 4.18% | 4.25% |
| 3 Months (91 Days) | $100,000 | 4.18% | 4.25% |
| * APY = Annual Percentage Yield – Fees may reduce earnings. APY is subject to change without notice. Rates may change after account is open. |
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All IRAs are FDIC insured.
