Personal Banking

An Individual Retirement Account (IRA) is a great way to save for your future. We offer two types of IRAs: Traditional IRA and Roth IRA.

Traditional IRA

A Traditional IRA is most commonly used to save money for your retirement.

• All contributions are tax deductable (up to the maximum contribution)
• Can be opened with as little as $100
• Distributions* may begin at age 59 ½ or funds can be withdrawn earlier for a qualified distribution
• No fees to maintain account or for internal transfers or rollovers at maturity

*All distributions are subject to current tax rate

Roth IRA

A Roth IRA is a great way to retire TAX FREE!

• Contributions are made with after tax dollars
• Distributions and earnings are tax free at retirement
• Can be opened with as little as $100
• Distributions on earnings may begin at age 59 ½, all other distributions are penalty-free
• No fees to maintain account or for transfers or rollovers at maturity

Sanborn Savings Bank is not an accounting firm and is not responsible for any incurred taxes or fees that may be due with a distribution. We highly recommend that you consult a qualified tax professional or lawyer before taking any disbursements from your IRA.