Individual Retirement Accounts (IRAs)
Enjoy your retirement free of financial concerns. An IRA from FNBC Bank & Trust helps you set aside funds for the future, without set up fees or service charges. Interest rates above standard savings and tax advantages* nurture your nest egg — helping you make that dream cruise reality. Ensure a relaxing retirement with a FNBC IRA today!
- Competitive interest above standard savings rate
- Traditional and Roth IRA options
- Tax-free and tax-deferred savings options**
- Contributions may be tax deductible***
- No setup fees or service charges
- Funds can be used to purchase CDs within IRA
- $1,000 minimum deposit to open
- FDIC insured
- Traditional vs. Roth
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70 ½
- 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- Principal contributions can be withdrawn without penalty*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 59 ½
- Early withdrawals on earnings 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.
***Consult a tax advisor.