Traditional Individual Retirement Accounts

Individual Retirement Accounts (IRAs) were created to encourage individuals to save and supplement their retirement savings.

IRA 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.

Account holders must be under the age of 70-1/2.

Contributions into the IRA accounts may be totally tax deductible for the tax year that they are made.

Distributions may start at the age of 59-1/2, but they must start by 70-1/2.

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 Roth IRA accounts, please click here.

Read our IRA Newsletter