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Individual Retirement Accounts

Individual Retirement Accounts

Start preparing for your retirement with an IRA from Bank of Idaho. We offer a variety of tax advantages and terms to fit your needs, with both traditional and Roth IRAs. You will earn greater returns and your investment will be safe.

And because we care about your golden years, we don't charge you set-up fees or maintenance fees. So whether your plans include fly-fishing on the Snake River or deep-sea fishing in the Caribbean, we will help you make it happen!

Summary
  • Tax-advantaged retirement savings*
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $500 minimum deposit to open

*Consult a tax advisor.

Traditional vs. Roth

There are two kinds of IRA to choose from, each with distinct tax advantages*. Compare them and consult a tax advisor to help you decide which one is right for you.

Traditional IRA

  • No income limits to open
  • No minimum contribution in any year
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

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  • Principal contributions can be withdrawn without penalty*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 on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

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

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

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