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Individual Retirement Accounts

Honor Bank offers a full range of FDIC-protected Individual Retirement Accounts (IRAs) to help you realize your dream of a secure financial future. At Honor Bank, we believe fixed income investments should be a part of almost everyone’s retirement portfolio. With the help of an Honor Banker, choose the right investments that will let you build a comfortable retirement – safely and steadily.

Traditional IRA

Traditional IRAs allow individuals to make regular contributions and reduce taxable income. We act as the custodian for the IRA, receiving the funds and investing them only in Honor Bank IRA Certificates of Deposit.

  • Contributions may be tax-deductible
  • Tax-deferred earnings
  • Earnings and deductible contributions are taxed at the time of withdrawal
  • Minimum withdrawals are required beginning at age 70½
  • Annual contribution limits increase each year over the next several years
  • FDIC insured

Roth IRA

The Roth IRA is a non-deductible account that features tax-free withdrawals for certain distributions. Roth IRA accounts are designed to help those who want to save for their financial future through weekly, monthly, or annual deposits.

  •  Contributions are non-deductible (eligibility is subject to adjusted gross income limitations)
  • Tax-free earnings (if certain rules are met upon distribution)
  • No minimum withdrawals required, at any time
  • Contributions may be made at any age (if eligible)
  • Annual contribution limits increase each year over the next several years

SEP-IRA Plan

A simplified employee pension (SEP) plan is a retirement plan established by an employer. Each year, the employer can contribute a certain percentage of each eligible employee's compensation directly to the employee's traditional IRA.

  • Contributions are tax-deductible for employers and tax-deferred for employees
  • You choose the amount of contributions (subject to IRS Rules and Regulations)

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