Individual Retirement Accounts (IRAs)
Take control of your future with this interest-bearing account. Whether you want to travel the world or relax at home, a Texas Bank IRA helps you achieve the retirement lifestyle you’ve been dreaming of.
Choose either a traditional or Roth IRA to save the way that works best for you. Both offer great rates and tax benefits* to help you make the most of every dollar. Earn extra interest when you purchase a certificate of deposit within your IRA. Do your future self a favor and open your IRA today!
- Competitive interest above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- Deposits tax-free or tax-deferred*
- $5,500 contribution limit per year*
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- $500 minimum deposit to open
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax**
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty***
- Mandatory withdrawals at age 70½
- Income limits to be eligible to open Roth IRA*
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal**
- Principal contributions can be withdrawn without penalty**
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty***
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Consult a tax advisor.
**Subject to some minimal conditions. Consult a tax advisor.
***Certain exceptions apply, such as healthcare, purchasing first home, etc.