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.
Texan Legend Individual Retirement Accounts (IRA’s)
Texan Bank offers special CD rates for our IRA customer’s 55 years or older. The Texan Legend IRA works exactly like our IRA accounts, but with an increased rate for our Legends.
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 Your contributions can be withdrawn any time tax and penalty-free; and after a 5-year holding period, you may be able to make federally tax-free withdrawals of your earnings.