Which IRA is the best option for you?

Here at Banner Capital Bank, we are dedicated to helping empower our customers to reach their financial goals.

A key piece of planning your financial future is ensuring you have an Individual Retirement Account (IRA) in place—and our representatives are here to ensure you have the information on our IRA’s!

Why to get an IRA at Banner Capital Bank

What makes Banner Capital Bank the best place to set up your Individual Retirement Account? Our Chief Financial Officer Janie Wyatt says it best:

“We’re going to look at you as an individual, not just a number on a statement.”

– Janie Wyatt—Chief Financial Officer

What’s the difference between Traditional and Roth IRAs?

Traditional IRA

Contributions can be tax-deductible
Withdrawals are taxed at your income tax rate when you make them
You must take required minimum distributions at age 73
If you withdraw funds before age 59½, you may pay taxes and an early withdrawal penalty

Roth IRA

Contributions are not tax-deductible; there are no age restrictions on contributions
You may need to meet income-eligibility restrictions to contribute
No required minimum distributions
Withdrawal may be taken after age 59½, withdrawals may be taken after a 5-year holding period. Some exceptions may be allowed for an early withdrawal, penalty free

How does a Student IRA differ from a Traditional or Roth IRA?

Student IRA

Designated beneficiary must be less than 18 years old
Also called Coverdell Education Savings Account
Funds must be used by 30th birthday, unless account owner has special needs
You must meet income-eligibility restrictions to open an account; ask your Banner Capital Bank representative for details
Maximum contribution of $2,000 per year / per child
The owner of the IRA can withdraw funds for a qualified educational expense for the beneficiary. The benefit applies not only to a qualified higher educational expense, but also a qualified elementary and secondary education expense.

Which IRA is the best option?

The best IRA option is the one that aligns with your personal goals for retirement! That is where our representative’s come in.

To set up your IRA, you will meet for a personalized, one-on-one discussion with a local Banner Capital Bank representative.

“When you walk into a Banner Capital Bank location, you are always going to be talking to that individual who is empowered to make your life easier.”

Janie Wyatt
Chief Financial Officer, Banner Capital Bank

To prepare for your discussion, think about these questions beforehand:

When are you hoping to retire?
How long do you need your retirement savings to last?
What are your goals for retirement?

For additional insight, click here to visit the AARP’s retirement calculator *.

*By clicking the link you are leaving the Banner Capital Bank Website. This linked website is provided for your convenience. Banner Capital Bank is not responsible or liable for the content, information or security of the website or website affiliates that you are accessing, the failure of any products or services advertised or promoted to this linked website nor any issues that may arise out of the website’s privacy policy. You should not regard any information on this linked website as expressing facts about, or the opinions or beliefs of, Banner Capital Bank.

We do not offer tax advice. Consult your tax consultant or accountant prior to opening up an IRA account.

Everyone needs an IRA. Let’s get started on yours today!

Every representative in the bank is empowered to make a difference for your financial future, and we can get started as soon as you’re ready. Fill out the form below, and a friendly Banner Capital Bank representative will be in touch.