Individual Retirement Accounts

Save for retirement in an FDIC insured Individual Retirement Account (IRA) at ProGrowth Bank. IRAs are a safe and secure way to save for the future. ProGrowth Bank offers Traditional and Roth IRAs.

Remember, your IRA contributions may be tax-deductible. Ask one of our IRA specialists for more information and Open your IRA Account Today.*

Traditional IRA Roth IRA
  • Often contributions are 100% tax-deductible
  • Earnings grow tax-deferred
  • Distributions are generally taxable and may incur a penalty under certain circumstances
  • Distributions are required to be taken beginning at age 70 ½
  • Contributions are not tax-deductible
  • Earnings can grow tax-free
  • Contributions can generally be distributed tax-free at any time
  • Earnings can be distributed tax-free if the first contribution was made at least 5 years ago and one of the following occurs:
    • Attaining age 59 ½
    • Incurring a disability
    • Purchasing first home
    • Death (payment to beneficiaries)
  • Distributions are NOT required to be taken at age 70 ½

*Consult with your tax advisor about which option is best for you.