Individual Retirement Accounts

There's a good reason these are called your Golden Years

 
Make sure you have enough money to cover every item on your bucket list.
Retired couple on a boat.
Build a future you can get excited about through steady contributions and several tax benefits.




Right now, you may be busy with a job, family, or other pursuits. But it's a smart move to take a moment to start planning the next chapter of your life. It's easy to open a Traditional or Roth IRA at a First National Bank branch. After that, you can schedule regular deposits, grow your funds with high-yield CDs, and begin imagining everything you'll do when those Golden Years finally arrive.
 
  • Invest in a First National Bank IRA with as little as $100
  • Contribute up to $7,000 annually ($8,000 if you're over age 50)
  • Put your money in our secure Certificates of Deposit
  • No monthly or annual fees
  • With Traditional IRA, you may be able to claim a tax deduction for every year you make a contribution
  • With Roth IRAs, all qualified withdrawals are tax-free if you've owned the IRA for five years or more AND you are either 59 1/2, disabled, a first-time homebuyer, or a Roth IRA beneficiary
  • With both Traditional and Roth IRAs, all annual interest and dividend earnings are tax-deferred or tax-exempt
  • It's a good idea to consult your financial advisor about which IRA might be best for you
  • IRA funds protected by the Federal Deposit Insurance Corp. (FDIC)


Retirees hiking outdoors.

SIMPLE (Savings Incentive Match Plan for Employees) IRA

 
If you manage a business with 100 or fewer employees, you can help your team save for their retirement while enhancing your benefits package with a SIMPLE IRA plan. It's a valuable, low-cost option for your company that's simple to set up and administer compared to 401(k) plans. These IRAs are "deposit invested," meaning they don't include stocks, bonds or mutual funds, and they grow based on contributions from your company and employee accountholder.

  • Contributions may be tax-deductible
  • Employers must make a matching contribution up to 3% or a non-elective contribution of 2% for eligible employees
  • Contribution limits up to $16,500 per year employee deferral ($20,000 if over age 50)

  • Withdrawals can be made anytime but may face penalties if under age 59 ½
  • No annual IRS filing requirements
Family having fun on vacation.

SEP (Simplified Employee Pension) IRA

 
If you're looking for more flexibility in your IRA plan, check out the SEP IRA. These provide higher contribution limits compared to the SIMPLE IRA and give you the opportunity to invest on behalf of your employees. It's a simpler, cost-effective alternative to a 401(k) plan and ideal for smaller businesses and self-employed people.

  • Contributions are tax-deductible for employers and funds grow tax-deferred for the employee until withdrawal
  • Employers can contribute up to 25% of each eligible employee’s compensation into their SEP IRA
  • Contribution limits up to $70,000 or 25% of employee compensation, whichever is less
  • Only the employer can contribute, and contributions are at the employer discretion
  • Employees own 100% of the contributions immediately
  • Funds are subject to penalty if withdrawn before age 59 ½
  • No annual IRS filing requirements
  • Eligible employees must be at least 21, have worked for the business in at least three of the last five years, and earned at least $750 in compensation


















Disclosure For All Interest Bearing Deposit Accounts
 
The following applies to all interest-bearing accounts listed on this schedule of fees and services. The interest rate and Annual Percentage Yield (APY) are subject to change weekly.
 
  • Balance Computation Method: We calculate the interest on your account using the daily balance method. This method applies the daily periodic rate to the principal in the account on each day. Interest is paid (credited) and compounded monthly, except for Regular Savings, which is paid (credited) and compounded quarterly.
  • Accrual: Interest begins to accrue no later than the day we receive full credit for the deposit of non-cash items (for example, checks)
  • All interest-bearing accounts are variable-rate accounts. We may change the rate at our discretion.
  • If you close your account before interest is credited, you will receive interest only if you notify us at the time of closing. You will not receive your accrued interest if you do not tell us you are closing your account.
  • Effect of Fees: Fees may reduce earnings.