Individual Retirement Accounts
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.
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.
To open an IRA account with First Exchange Bank, visit one of our seven 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.