Individual Retirement Accounts
It's never too early to begin saving for your retirement. Whether or not you participate in a retirement savings plan at work, an additional account like the Individual Retirement Accounts from First Exchange Bank can help you reach your retirement goals faster. Bank IRAs also offer more protection from potential loss. You’ll be covered by FDIC Insurance of up to $250,000 for your IRA.
How do IRAs work?
Our IRA accounts allow you to routinely save for your retirement years. All you need is an initial deposit of $500 to open an IRA at First Exchange Bank. You'll earn a competitive interest rate on the money you deposit. Deposits into your retirement savings plan may be tax deferred.
If you’re changing jobs or have an old 401(k) account from a previous employer, you can easily rollover your 401(k) into an IRA at First Exchange Bank.
First Exchange Bank does not charge any annual fees or commission for IRA retirement savings plans.
Roth vs. Traditional IRA
The primary difference between these two types of IRAs is when the funds are taxed. With a traditional IRA, you can contribute pre-tax money and let it grow until you begin to make withdrawals in retirement. Only then do you pay taxes on your money.
On the other hand, Roth IRA account holders contribute post-tax dollars to their retirement accounts. Once you reach retirement age, you can make tax-free withdrawals.
Retirement Account Benefits
There are many benefits to opening an individual retirement account:
- FDIC Insurance on deposits of up to $250,000
- Competitive interest rates
- Low initial deposit requirement
- Potential tax savings--consult with your tax advisor
Find the Best IRA Account at First Exchange Bank!
First Exchange Bank has been helping West Virginians reach their financial goals since 1932. We are ready to help you start saving for a more secure retirement. Our financial representatives can help you figure out which retirement savings plan is best for you. Contact us online or call us at 304-534-7200.
To open an IRA account with First Exchange Bank, visit one of our six offices in White Hall, Mannington, Fairmont, Morgantown, Hundred, and Fairview, WV. Our friendly employees are ready to provide excellent personal service and address all of your questions and concerns.