Individual Retirement Accounts (IRAs)
Retirement may seem far off, but it's not as far as you think. The best time to start saving for your golden years is right now, while you're still earning income.
An IRA offers tax advantages1 and higher interest rates than regular savings. We offer different types of IRAs, depending on your situation. Talk to a BankVista representative who will be happy to go over your options with you.
- Tax-advantaged1 way to save for your retirement
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup or maintenance fees
- $5,500 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to invest in money market accounts, CDs, stocks, or bonds within IRA
- FDIC insured up to $250,000
- $100 minimum deposit to open
Ready to Open Your Account?
View our Account Opening Checklist to find everything you'll need to open your account.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax2
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty3
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA1
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal2
- Principal contributions can be withdrawn without penalty2
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty3
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
1Consult a tax advisor.
2Subject to some minimal conditions. Consult a tax advisor.
3Certain exceptions apply, such as healthcare, purchasing first home, etc.