Individual Retirement Accounts (IRAs)

Start investing in your own future. Whether retirement is a long way down the road or just around the corner, saving for your golden years is a smart move. A Merchants National Bank IRA can help.

We offer traditional and Roth IRAs. Each account has distinct advantages and special tax benefits. Both are designed to help you save so retirement can be what it was meant to be—a time to relax.

Summary
  • Save for retirement
  • Interest bearing accounts
  • Traditional and Roth IRAs available
  • Various rates and terms to choose from
  • Some age and deposit limits apply
  • Deposits can be tax-free or tax-deferred
  • Flexible packages to meet most needs
  • FDIC insured
Traditional vs. Roth

Traditional IRA

  • No annual fee or setup charges
  • Anyone under age 70½ can open
  • Interest earnings are tax-deferred
  • Contributions are tax deductible
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Withdrawals can begin at age 59½
  • Subject to penalty for early withdrawal*
  • Mandatory withdrawals at age 70½

Roth IRA

  • No annual fee or setup charges
  • Earnings and principal are potentially tax free upon withdrawal
  • Contributions are not tax deductible
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Principal may be withdrawn penalty-free at any time
  • After 5 years, interest can be withdrawn penalty-free at age 59½
  • Early interest withdrawals subject to penalty*
  • No mandatory distribution age

*Certain exceptions apply, such as healthcare, purchasing first home, etc.

Individual Retirement Accounts (IRAs)