Individual Retirement Accounts (IRAs)

You can't wait to retire to go fishing, play tennis, travel, or just plain relax. You also can't wait to pay for it all. Start saving today so you can actually retire during your retirement.

Bank of Holland offers tax-advantaged traditional and Roth IRAs. We never charge annual or custodial fees. See us today; we'll guide you in a long-term relationship to build your financial security.

Summary
  • Tax-advantaged retirement savings
  • Competitive interest above standard savings rates
  • No setup or maintenance fees
  • Hassle-free rollover or transfer IRAs
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • FDIC insured (Up to the available limit)
Traditional vs. Roth IRA

While both traditional and Roth IRAs offer compelling tax advantages, one program may be a better option based on your financial situations. Consult with your tax or financial advisor as to which plan is best for you. Below are some general differences between the two.

Traditional IRA

  • No income limit to open
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • Contributions are NOT tax deductible
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age

*Subject to some minimal conditions.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.