Compare Traditional IRAs and Roth IRAs.

Individual retirement accounts (IRAs) are investment accounts specifically set up to save for retirement by offering significant tax advantages. It’s never too late, or too little, to start saving for your financial future. Compare below which IRA option may be right for you.

Traditional IRA

With a traditional IRA, your contributions are tax-deductible, meaning you won’t pay taxes on your money until retirement. If you expect your tax rate during retirement to be lower than it is today, or if you want to reduce taxable income now, this option may be a better fit for you.

Account Summary

  • Consult your tax advisor for your individual maximum annual contribution amount, providing you are under 70½ years old and have earned income.
  • Contributions may be tax-deductible if you meet certain conditions1
  • Funds can be withdrawn without penalty once you reach the age of 59 1/2, or before that subject to a 10 percent penalty unless exceptions apply2
  • Distributions must begin by April 1st of the year following the year you reach age 70½
  • Anyone under 70½ who has earned income is eligible
  • Traditional IRAs can generally be converted to Roth IRAs, although tax consequences may apply1
Apply at a Branch

Roth IRA

With a Roth IRA, your contributions are taxed up front, meaning you won’t pay taxes on your money when making qualified distributions during retirement. If you expect to have a higher tax rate at retirement, or if your current tax rate is low, this option may be a better fit for you.

Account Summary

  • Consult your tax advisor for your individual maximum annual contribution amount providing you have earned income.
  • Contributions are not tax-deductible1
  • Funds can be withdrawn without penalty once you reach the age of 59½, or before that subject to a 10 percent penalty unless exceptions apply2
  • No requirement to take a minimum distribution at age 70½
  • Roth IRAs cannot be converted to Traditional IRAs1
Apply at a Branch

1 Certain qualifications apply. Consult your tax advisor for more information.

2 Exceptions allowing for non-penalty early withdrawals include disability, qualifying medical expenses (under certain conditions), qualifying education expenses, unemployment (under certain conditions), qualifying first home purchase, and death.

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