Phone: (800) 643-6610

Individual Retirement Accounts (IRAs)

Seattle Bank offers Traditional and Roth IRAs, each with important tax benefits and both offering essential retirement planning resources.

Traditional IRA

Interest earnings are tax-deferred until withdrawn
Current income grows tax-free until withdrawn
Increases untaxed savings since withdrawals will be subject to lower tax bracket
Contributions may be tax-deductible on current returns
$500 minimum to open
Withdrawals may begin as early as age 59½ and are required after age 70½
Early withdrawals (prior to age 59½) are subject to 10% penalty by the IRS
Investment choice of any term Certificate of Deposit that Seattle Bank offers; terms range from 3 months to 3 years
Interest is compounded daily, and is credited to the account quarterly
No annual maintenance fee or plan fee
No set up fee or closing fee
FDIC insured

Roth IRA

With a Roth IRA, you cannot deduct contributions on your existing tax returns, but you avoid all taxes on your withdrawals once you retire.

All earnings may be tax-free upon withdrawal*
Your income is taxed now, when you are working, instead of when you are retired
Some early withdrawals may be penalty-free for specific situations
$500 minimum to open
Contributions cannot be deducted on current tax returns
Investment choice of any Certificate of Deposit that Seattle Bank offers; terms range from 3 months to 3 years
Interest is compounded daily, and credited to the account quarterly
No annual maintenance fee or plan fee
No set up fee or closing fee
FDIC insured

*Customer must hold the IRA for five years and be at least 59½ years of age for tax-free withdrawals.