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Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

You might be years or even decades from retiring, but it’s never too early — or too late — to start preparing with an IRA. We offer traditional and Roth options, so you can pick the plan that works for your lifestyle.

Compounded interest and tax-free growth¹ mean you’ll have the peace of mind to retire the way you want — whether that involves fishing at Cayuga Creek every Thursday or traveling across the country.

Now offering 12-month CD IRA at 3.50% APY  2

  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $7,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • 12 or 30-month certificate IRA available with $500 minimum deposit
  • Early withdrawals may result in penalties
  • Money Fund IRA available with $100 minimum deposit

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 tax¹
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty²
  • Mandatory withdrawals at age 73

Roth IRA 

  • Income limits to be eligible to open Roth IRA³
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal¹
  • Principal contributions can be withdrawn without penalty¹
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty²
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

¹Subject to some minimal conditions. Consult a tax advisor.

²Certain exceptions apply, such as healthcare, purchasing first home, etc.

³Consult a tax advisor.

Create an easier transition into college for yourself and your student by setting up a savings account early. A Coverdell Education Savings Account (ESA) provides a tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life.

  • Set aside funds for your child's education
  • No setup or annual fee
  • Interest grows tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses¹
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply²
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 30³
  • The ESA may be transferred without penalty to another member of the family
  • $500 minimum deposit to open 

¹Qualified expenses include tuition and fees, books, supplies, board, etc.

²Consult your tax advisor to determine your contribution limit.

³Those earnings are subject to income tax and a 10% penalty

Set Yourself Up For Future Success

¹Consult a tax advisor.

212-month CD IRA 3.45% Interest Rate, 3.50% Annual Percentage Yield (APY). Rate accurate as of 8/29/2023.

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