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.

Traditional IRA

  • 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

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty*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.

Your work-free future awaits!