IRAs - Individual Retirement Accounts
The Bank of Milan offers Individual Retirement Accounts or IRA’s. A bank issued IRA is invested in a bank CD and works similar to a regular CD except that the money is intended for retirement and is tax-deferred until withdrawn.
Roth IRA – The contribution deadline is the tax filing deadline for the tax year. Contributions are made with after-tax dollars, all transactions within the IRA have no tax impact, and withdrawals are usually tax-free. Contributions for this type of IRA made by an individual can still be made after the age of 70 ½.
Traditional IRA – The Contribution deadline is the tax filing deadline for the tax year. An individual younger than 70 ½ years of age who has compensation is eligible to make a contribution. Depending upon the nature of the contribution, a traditional IRA may be referred to as a "deductible IRA" or a "non-deductible IRA."
*If you have questions about a different type of IRA or current rates, please contact one of our Customer Service Representatives at 731-686-2255.
*Minimum balance to open $100.