Individual Retirement Account (IRA)
While there's no such thing as a free ride, an IRA is your ticket to a secure financial future. We don't charge any setup or maintenance fees at FNB Barry, so maybe there is a free ride after all.
We offer both traditional and Roth IRAs with excellent tax benefits. Fund your future now, while your earning power is at its peak.
- Summary
- Tax-advantaged retirement savings
- Competitive interest above standard savings rates
- No setup or maintenance fees
- $5,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase Time Deposit Open Accounts within IRA
- No minimum deposit to open
- FDIC insured
- Traditional IRA
- No income limits to open
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
See our current interest rates.
*Consult with a tax advisor
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
- Roth IRA
- Adjusted gross income must be less than $122,000 to contribute ($179,000 for joint filers)
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
See our current interest rates.
*Subject to some minimal conditions.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
