INDIVIDUAL RETIREMENT ACCOUNTS (IRAs) With an IRA from First National Bank, you get secure, completely-insured investment options with a manageable initial investment, without opening or closing bank fees. Just select the IRA that fits your investment goals.
Traditional
Earnings are tax deferred until withdrawal
Annual contributions of $5,000 or 100 percent of earned income, whichever is less
Contributions may be tax deductible
Created for individuals who do not participate in employer sponsored retirement plans
Certain individuals who do participate in employer sponsored retirement plans may still qualify
Roth
Offers a tax structure unlike any other IRA, with after-tax contributions and tax-free growth
Qualified withdrawals are not taxable
Coverdell
Great investment for your child or grandchild’s education
Money may be used for elementary, high school, or college expenses
Annual contributions of $2,000 can be made
Contributions can be made for a beneficiary under the age of 18
