Individual Retirement Accounts (IRAs)
An Individual Retirement Account (IRA) is an account in which funds are set aside for use during retirement
that may also have tax advantages. Winona National Bank offers Traditional IRAs and Roth IRAs with a variety of Certificate of Deposit (CD) 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 spearately 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. Contributions may be tax deductible (subject to eligibility)
and the earnings grow tax deferred until they are withdrawn.
- 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.
Roth IRA:
A Roth IRA is a plan that allows you to contribute a limited yearly sum toward your retirement. Contributions are made with after-tax dollars and
withdrawals are usually tax free (subject to certain requirements).
- 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.
Click here for certificate rates.
Click here for information on investment services.
Please contact our Personal Banking Team for more information or to purchase your Certificate of Deposit.