TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNT (IRA)

Save for those golden years now and earn a good interest rate with an IRA from Consumers National Bank. We offer a wide variety of investment options so that you can build your nest egg. Make sure that when your hair turns gray, you're not pulling it out worrying about finances. Start saving today!

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TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNT (IRA)
Summary
  • Provides additional savings for retirement
  • Competitive rate of interest
  • Deferred taxes on earnings until withdrawn*
  • Certain contributions are tax deductible
  • Established in one name only
  • Maximum annual contribution limits apply
  • No income restrictions
  • Penalty for early withdrawal**
  • Distributions can begin at age 59½
  • Mandatory distributions at age 70½
  • Contributions for a previous tax year may be made up to April 15
  • Accounts set up as IRA savings or CD
  • FDIC insured

*Consult your tax advisor to see how tax deductibility may apply to you

**Some exceptions apply.