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Individual Retirement Accounts (IRA’s)

IRA’s offer a great way to help save for your retirement while offering a terrific tax benefit. Texan Bank offers Traditional and Roth IRA’s.

Individual Retirement Accounts

  • Low minimum opening deposit of $1,000 on all terms
  • CD terms ranging from 1 year to 5 years
  • No fees on the account unless a withdrawal is made from the certificate before maturity.

What are the basic differences between a Traditional IRA and a Roth IRA?

Traditional IRA’s

The annual contribution to a Traditional IRA is tax-deductible (if you qualify), but when you begin to withdraw money, you pay income taxes on your withdrawals.

Roth IRA’s

The annual contribution to a Roth IRA is not tax-deductible. Your contributions can be withdrawn any time tax and penalty-free; and after a 5-year holding period, you may be able to make federally tax-free withdrawals of your earnings.