Roth IRA Accounts

The contributions to a Roth IRA account are non-deductible funds.

Roth Requirements:

Contribution Limits for 2008
An individual under 50 years old may open an IRA account with the lesser amount of $5,000 or 100% of their earned income. An individual over 50 years old may contribute the lesser amount of $6,000 or 100% of their earned income.

Distributions (including earnings) are potentially tax and penalty free if the individual satisfies certain distribution conditions.

Existing traditional IRAs can be converted to Roth IRA accounts if an individual meets certain conditions. Taxes need to be paid now on the converted amount which makes those dollars tax and penalty free for the future.

FNB Accounts:

Variable: Variable interest rate accounts are available where multiple deposits may be made throughout the year until the goal is met. Minimum deposit is $25.

Fixed: Fixed interest rate accounts are available where a lump-sum amount is deposited at the time of opening. Minimum deposit amount is $500.

Statements: Each account holder is provided with annual and periodic interest statements.

Fees: We do not charge any service charges or administrative fees.

Auto Transfer: We offer automatic transfers from another FNB deposit account into your IRA account free of charge.

FDIC Insurance up to $250,000 for each individual's total retirement plan.

For current IRA Rates, please click here

For information about Traditional IRA accounts, please click here.

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