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Individual Retirement Accounts (IRAs)


When it comes time to retire, the last thing you want to worry about is money. An IRA from Westside State Bank provides a tax-advantaged* safe place for you to set aside funds as aggressively as you choose.

There's no monthly maintenance or setup fees to worry about. Instead, benefit from interest above standard savings and different associated tax advantages depending on the plan of your choice. Your ideal retirement might include relaxing time on the fishing pier or it could include a busy globe-trotting agenda. Whatever it is, make sure it happens by setting up an IRA today.


  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply
  • Additional "catch-up" contributions allowed for ages 50+
  • Funds can be used to purchase certificates of deposit (CDs) within IRA
  • $100 minimum to open IRA Savings and $100 minimum to open IRA CD's


*Consult a tax advisor.

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • $100 minimum to open IRA Savings and $100 minimum to open IRA CD's
  • 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 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income


*Subject to some minimal conditions. Consult a tax advisor.

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

***Consult a tax advisor.