_0009_IRA-155612999.jpg
_0009_IRA Mobile-155612999.jpg

Individual Retirement Accounts (IRAs)

Build a secure future and maybe even give yourself a tax break* with an IRA from Southern Bank.
Details

We offer competitive interest rates and a wide range of terms to meet your needs.  Whether your ideal retirement is full of travel and excitement or golfing and relaxation, we want to help make it happen.  

  • Competitive interest rates
  • Traditional and Roth IRA options
  • No setup fees
  • Low maintenance fees**
  • Annual contribution limits apply
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase certificates of deposit (CDs) within IRA
  • $1,000 minimum deposit to open
*Consult a tax advisor.
**$10 a year once customer reached Required Minimum Distribution (RMD) age.  Fee waived if RMD is handled by ACH.  Transfer fee of $30 per transfer. 
Traditional IRA

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.  

  • No income limits to open
  • No minimum contribution requirement
  • Low maitenance fees***
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal 
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½
*Subject to some minimal conditions. Consult a tax advisor.

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

***$10 a year once customer reached Required Minimum Distribution (RMD) age.  Fee waived if RMD is handled by ACH.  Transfer fee of $30 per transfer. 
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  • Principal contributions can be withdrawn without penalty*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 59 ½
  • 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.
***Consult a tax advisor.
  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • Earn competitive interest rate
  • An HSA provides triple tax savings:
    • Tax deductions when you contribute to your account
    • Tax-free earnings through investment
    • Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
  • Contributions are tax-free and can be made by you, your employer, or a third party
  • Funds can be withdrawn at any time**
  • No monthly service fee
  • No minimum balance requirements
  • Unused funds remain in account year after year; no "use it or lose it" policy
  • Keep your HSA in your name, regardless of career or life changes
  • Federally insured by FDIC
*Consult a tax advisor.
**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.

Eligibility

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your insurance provider for further eligibility requirements.

Ready for a new account?

Provide a few basic details to start the simple process.