Individual Retirement Accounts
There's a better way to make sure you'll be financially secure when you retire, and it starts at Gate City Bank. Whether you're new to the workforce or nearing retirement, our Individual Retirement Accounts (IRAs) can help you save. We recommend checking with your tax advisor to find out which account is best for you.
- Minimum opening deposit only $100
- Choose between Traditional IRAs, Roth IRAs, as well as a Coverdell Education Savings Account
- Contribute to account at any time*
- Traditional IRA and Roth IRA contribution limits:
- Taxable Year 2016 is $5,500
- Taxable Year 2017 is $5,500
- Taxable Year 2018 is $5,500
- Individuals who are age 50 or over at the end of the calendar year can make a catch up contribution up to $1,000.
- Earn a higher interest rate over CD interest rates
- Contributions may be tax deductible**
- Adjust your rate annually if over 59 ½ years old
- Set up automatic transfers to or from a Gate City Bank Checking or Savings account
- IRAs are separately insured by the FDIC up to $250,000
2017 IRA contributions can be made until April 17, 2018.
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*Annual contribution limits apply.
**Ask your tax consultant about possible benefits and tax advantages.