Individual Retirement Accounts
- Competitive interest rate - Contact us for rates.
- $50 minimum to open
- We offer IRAs with 12 Month terms or 24 Month terms
Comanche National Bank offers the following two (2) types of IRAs:
If you are younger than age 70 ½ for the entire tax year, and have earned income, you are eligible to establish and contribute to a Traditional IRA. Contributions to a Traditional IRA are tax deductible and earnings remain tax deferred as long as all IRS requirements are met. Withdrawals or distributions are taxable, and some may be subject to penalty, depending on circumstances of the withdrawal. You may continue to make contributions to a Traditional IRA, if all requirements are met, until you reach the age of 70 ½, at which time you must begin taking required minimum distributions (RMD).
There is no minimum age limit for establishing a Roth IRA, nor does the maximum age limit of 70 ½ apply. You must have earned income and your modified gross income (MAGI) cannot exceed certain prescribed limits set by the IRS. Since Roth IRAs are nondeductible, withdrawals or distributions of these amounts are not taxable.