Personal Banking
Individual Retirement Accounts

An Individual Retirement Account (IRA) is an account in which funds are set aside for use during retirement and may offer tax advantages. Winona National Bank offers Traditional IRAs and Roth IRAs that can be invested in a Certificate of Deposit (CD), offering a variety of terms and yields. An IRA CD allows you to invest your money for a fixed term at a fixed rate. Terms are flexible, ranging from 3 to 60 months. Your IRA account is insured separately from your other accounts and offers $250,000 of FDIC insurance.

Traditional IRA

A Traditional IRA is a plan that allows you to contribute a limited yearly sum toward your retirement.

  • Minimum deposit of $500 (excluding CD specials).
  • Interest is compounded quarterly. Penalties for early withdrawal.
  • All or part of your contribution may be tax deductible.
  • Taxes deferred until you withdraw funds.
  • Required minimum withdrawals start at age 70 1/2.
  • No service charge or annual IRA fees.

*Contributions may be tax deductible (subject to eligibility) and the earnings grow tax deferred until they are withdrawn.

Roth IRA

A Roth IRA is a plan that allows you to contribute a limited yearly sum toward your retirement.

  • Minimum deposit of $500 (excluding CD specials).
  • Interest is compounded quarterly. Penalties for early withdrawal.
  • Contributions are NOT tax deductible.
  • Withdrawals may be free of federal income tax.
  • No service charge or annual IRA fees

*Contributions are made with after-tax dollars and withdrawals are usually tax free (subject to certain requirements).

Check out our certificate rates.

For information on other investment options, visit our Investment Services page.

Please contact our Personal Banking Team for more information or to purchase your Certificate of Deposit.

*For contribution limits, visit the IRS website.