Individual Retirement Services

Start saving today, and make those golden years a little more golden. With an Individual Retirement Account (IRA) offered through Your Hometown Community Bank, you can contribute as you go along — the sooner you begin the greater the benefit!

With an IRA, you can enjoy tax savings* today and a larger nest egg at retirement.

  • Tax-advantaged* retirement savings
  • Competitive yields exceeding standard savings rates
  • Traditional and Roth IRA options available
  • No set-up fees
  • No monthly or annual maintenance fees
  • $6,000 contribution limit per year
  • Additional $1,000 catch-up contribution allowed for ages 50+
  • Penalties for early withdrawal apply

*Consult a tax advisor.

Traditional vs. Roth

Traditional and Roth IRAs each offer unique tax advantages to help you expedite your retirement saving. What's the difference? Compare below and consult a tax advisor to see what type of IRA is right for you and your family.

Traditional IRA

  • Contributions may be tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 72
    No age limit on making contributions as long as you have earned income

Roth IRA

  • Contributions are NOT tax deductible
  • Earnings are 100% tax-free at withdrawal*
  • Withdrawals can begin as early as age 59½
  • Early withdrawals subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to conditions. Consult a tax advisor.
**Certain exceptions apply. Consult a tax advisor.

Rates effective as of October 26, 2020
Under $100,000$100,000 and Over
TermInterest RateAPYInterest RateAPY
5 Year IRA0.61%0.61%0.67%0.67%

APY is Annual Percentage Yield. Minimum Opening Deposit is $1,000. A penalty may be imposed for early withdrawal.

View Current Rates


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