Accounts Variable IRA Savings Earn interest more often than a CD IRA CDs Predictable
Interest Earnings
Minimum to Open $50 $1000
Maturity None 12 or 24 month fixed term
Deposits* Unlimited deposits allowed Deposits can be made at maturity
Withdrawal Penalty** None Penalty for early withdrawal
Interest Bearing1 Capitalize interest every 3 months Yes – ask any Resource Bank employee for our current rates
Traditional, ROTH and SEP IRAs Available Yes Yes
Additional Features


Automatically renewable

  • What is an IRA?

  • An IRA is an INDIVIDUAL RETIREMENT ACCOUNT. An IRA is a personal savings plan that provides income tax advantages to individuals saving money for retirement purposes.

  • How does it work?

  • You invest money in an IRA, up to the amounts allowable under the tax law. These investments are termed "contributions." In many instances an income tax deduction is available for the tax year for which the funds are contributed. The contributions, as well as the earnings and gains from these contributions, accumulate tax-free until you withdraw the money from the account. You therefore enjoy the ability to generate additional earnings, unreduced by taxes on these earnings, each year the funds remain within the IRA.

  • Who is eligible to open an IRA?

  • Any individual can open and make contributions to a traditional IRA, as long as you, or your spouse (if you file a joint return), received taxable earned compensation during the year.

  • What are IRA contribution limits?

  • For 2023 your total contributions to all of your Traditional and Roth IRAs cannot be more than: $6,500 ($7,500 if you are age 50 or older), or your taxable compensation for the year, if your compensation was less than this dollar limit.

    2023 $6,500 $7,500

    Due to the tax advantages of investing through an IRA, it is normally best to try and make the maximum annual contribution. The use-it-or-lose-it nature of contributions makes this all the more important (e.g., If you deposit $4,000 in 2022, you can't deposit $9,000 in 2023 [the $6,500 + the $2,500 you didn't deposit the year before]. You cannot contribute more than the total allowable amount during any fiscal year.)

    2023 Combined Traditional and Roth IRA Contribution Limits per

  • What about my 401(k)?

  • If you are contributing the maximum annual amount to your 401(k), IRAs may be your next best investment option for retirement, and are available to anyone with earned income.

  • How are Traditional and Roth IRAs different?

  • Any earnings in a Roth IRA are federally tax free. Earnings in a Traditional IRA are tax-deferred until withdrawn in retirement when they are taxed at your current rate. Contributions to a Roth IRA can be withdrawn at any time. Withdrawals from a Traditional IRA before the age of 591/2 are subject to a 10% federal penalty. Anyone with earned income can contribute to an IRA. Roth IRAs are restricted to those who do not exceed certain modified gross income limits. Traditional IRA contributions may be tax deductible. Roth contributions cannot be deducted.

  • What is a SEP - Simplified Employee Pension?

  • This is an employer established and funded Simplified IRA, where the employer can put up to 15% of your compensation into a special IRA account. Sole proprietors, the self-employed, may establish these plans for their own benefits. Learn more about SEP IRAs

* Deposits allowed up to federal IRA guidelines. ** Except those set forth by federal IRA guidelines. 1 Interest rate and yield may be subject to change after account opening.

The above information is a general overview. Please contact your financial advisor or tax specialist for detailed information.

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