Individual Retirement Accounts | Open an IRA - First Citizens National Bank

Good If You...

Want to Accumulate Savings for Retirement Using Safe and FDIC-Insured Financial Products
Seek to Take Advantage of One of the Few Deductions Allowable on Federal Income Tax Returns
Want to Enjoy the Benefits of Compounded Interest to Grow Your Retirement Nest Egg
Don’t Want to Risk Funds in the Stock Market

Features

$500 Minimum Opening Balance
Multiple Types of Retirement Accounts Permitted
Total Annual Contributions Limited¹
Interest Earnings either Tax-Deferred or Tax-Free¹

Types of IRAs

Traditional

Contributions May Be Fully or Partially Tax Deductible¹
Accumulate Compounded Interest Earnings
Contribute Pre-Tax or After-Tax² Income to Your Account
No Income Tax Liability until You Withdraw Funds Upon Retirement¹
Deposits Can Be Made Up to Age 70 ½
No Annual Income Restrictions

Roth

Pay Tax Now So You Don’t Pay Later¹
Contributions Are Not Tax-Deductible¹
Interest Earnings Compound Just As a Traditional IRA
No Age Limit for Making Contributions
Annual Income Restrictions May Apply
Contribute Only After-Tax Income

How Is My IRA Structured?

When you open an IRA with us, it is a fully FDIC-insured Certificate of Deposit account which offers limited or no access during a term you select (typically 1 to 5 years, but term length is negotiable) with a fixed interest rate paid on your full balance. You may wish to coordinate the date of your annual IRA contribution with your CD's maturity date so you can combine new contributions with existing retirement balances. You can also setup a CD Ladder for your IRA CDs, which will allow you to make more frequent contributions at the maturity dates of each CD in your ladder.

Other IRA Options

Individual Retirement Accounts can also be structured as a brokerage account invested in stocks, bonds or other types of investments which are not guaranteed and may lose value. If you are interested in this type of retirement vehicle, please contact a representative from the First Citizens Investment & Trust Department.

We also offer Health Savings Accounts, which help you build tax-free savings for your high deductible health plans.