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Individual Retirement Accounts

Plan for a secure retirement and open an IRA with Community.


Roth IRA and Traditional IRA

Individuals can choose between a Roth tax-free IRA and a Traditional tax-deferred IRA.

  • Available to regular banking customers who maintain a balance of $1,000 or more in Regular Savings, NOW Checking account or Money Market account
  • No annual charges for record keeping or reporting
  • Funds invested in a two-year certificate with two-year rate guarantee
  • Additional deposits to the original certificate are allowed, but do not extend the maturity date
  • $500 minimum balance to open
  • Additional deposits can be made in multiples of $100
  • Subject to IRS rules and regulations


Roth IRA

With the Roth IRA, deposits are not tax deductible, but earnings are tax free if certain requirements are met. An existing IRA can be converted to a Roth IRA. Your annual income level determines whether you can contribute to a Roth IRA or convert an existing IRA to a Roth IRA.


Traditional IRA

Individuals with earned income may be able to contribute to a Traditional IRA. Contributions may be deductible, depending on an individual's income level and whether he or she is an active participant in a qualified retirement plan. Income taxes are deferred.


Contributions for the 2022 and 2023 Tax Years

Contributions for the 2022 tax year are $6,000 for individuals, and $12,000 for married couples who file jointly (up to $6,000 for each spouse's IRA). An additional $1,000 "catch up" contribution is available for individuals who are 50 or older.

Contributions for the 2023 tax year will be $6,500 for individuals and $13,000 for married couples who file jointly. An additional $1,000 "catch up" contribution will still be made available for individuals who are 50 or older.

More Flexible Withdrawals

With either IRA, withdrawals before age 59 1/2 can be made without the 10% IRS early distribution penalty for the purchase of a first home (up to $10,000) or higher education expenses.

You should consult your tax advisor about the tax consequences of IRA transactions.



Stop in or call one of our IRA counselor at (773) 685-5300. For current rates, check our website or call our Total Service Connection at (773) 685-3947.


IRS regulations apply to all IRAs. Consult your tax advisor today.

Federal regulations covering IRAs are subject to change.

FDIC regulations insure IRS rules and regulation.

Get Started

For more information about our accounts please contact one of our Savings counselors during regular business hours at (773) 685-5300. For current rates please call us or refer to the Deposit Rates page within our website.



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