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Individual Retirement Accounts (IRAs)

Start building your ideal future today. 

A tax-advantaged IRA from Parkway Bank helps you to set aside for your retirement on your own terms. There are no setup or monthly maintenance fees to worry about – just interest above standard savings. Choose from either our traditional or Roth IRA today to put you one step closer to the fishing spot of your dreams.

  • 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 $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase certificates of deposit (CDs) within IRA
  • $500 minimum deposit to open IRA Accounts

*Consult a tax advisor.

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
  • No minimum contribution requirement
  • 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  • Principal contributions can be withdrawn without penalty*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 of 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