Individual Retirement Accounts

Your retirement savings are too important to take chances on. That's why we offer both Traditional and Roth Individual Retirement Account (IRA) Certificates of Deposit with guaranteed rates, fixed terms, and the security of FDIC insurance.

Already have a retirement account?

If you have existing IRA accounts or 401K plans from prior employers and want to consolidate into one convenient account, our MB&T team can help you manage that transition process.

IRAs

Terms	Your choice of IRA CD terms ranging from 30 days to 60 months. Open a new IRA or rollover an existing IRA or 401(k).
Access to Funds	Early withdrawal penalties apply. Also, talk to your tax advisor for tax implications of the early withdrawal of an IRA.
Minimum to Open	$1,000

Traditional IRAs: A Traditional IRA provides the opportunity for your earnings to grow tax deferred until they are withdrawn in retirement and offers the potential for tax-deductible contributions. With a traditional IRA, the goal is to keep this money growing until you are at an age where you will be in a lower tax bracket.

Roth IRAs: Roth IRAs offer you an opportunity to create tax-free income during retirement and can be a good way to diversify your future retirement income. Roth IRAs can also help maximize the value of the funds you pass on to your heirs, who may also benefit from tax-free growth and income.

Compare Traditional vs. Roth IRAs
empty	Traditional IRA	Roth IRA
Contribution Limits	There are limits to how much you can contribute each year to all of your Traditional and Roth IRAs. Click here to view the current limits and more information from the IRS.gov website.
Eligibility	You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation.	You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation. Income thresholds apply.
Tax Advantages	Tax on contributions and interest earned is tax deferred. Distributions are taxed as ordinary income in retirement.	Funded with income that has been taxed. No tax on withdrawals (including interest earned) in retirement.
Tax Deductibility	A tax deduction is allowed in full if you (and your spouse, if you are married) are not covered by a retirement plan at work. If covered by a plan at work, your deductibility may be limited.	No, your contribution is not tax-deductible.
Distributions and Withdrawals	Minimum distributions required starting at age 73 (and are taxed as ordinary income). There is a penalty for withdrawals before age 59 1/2.	No minimum distribution requirements. There is a penalty for withdrawals before age 59 1/2.