Individual Retirement Accounts (IRAs)
It's never too late, or too soon, to secure your retirement. Bay Commercial Bank's tax-advantaged* IRAs will prepare you for your golden years and help ensure they remain golden. You'll benefit from interest rates better than regular savings, and have the peace of mind knowing that your funds are backed by the FDIC.
It's only a $1,000 minimum opening deposit to get an IRA account started. Open one today and begin saving towards a secure, comfortable retirement.
- Tax-advantaged* retirement savings
- Earn competitive interest rates above standard savings rates
- Secure financial health for your future
- $1,000 minimum deposit to open
- $1,000 minimum balance to earn interest
- A low annual fee of $12
- Retain FDIC insurance on retirement savings
*Consult a tax adviser.
- Traditional vs. Roth
Is a traditional or Roth IRA right for you? Both offer tax-advantages* to help get your retirement plan on track in less time. Compare traditional vs. Roth IRAs below, then talk to a tax advisor to see how you can better save for your retirement.
- No income limits to open
- No minimum contribution in any year
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when you are usually in a lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA
- Contributions are NOT tax deductible
- Earnings are 100% tax-free at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.