Individual Retirement Accounts (IRA's)

Start saving today for your future.

Bank of the Lakes offers a variety of IRA products to meet you individual needs. We offer fixed term certificates of deposit with competitive interest rates.

Traditional IRA

• Tax-deferred until distribution
• Interest compounded monthly and credited to your account monthly
• Only $1,000 minimum to open

Annual Contributions:

• $4,000 for persons age 50 and below
• $5,000 for persons age 50 ½ and older

Withdraw Requirements:

• May begin withdrawing from your IRA at age 59 ½
• Required minimum distributions from your IRA at age 70 ½

Roth IRA

• No taxes on earnings your money has generated
• Interest compounded monthly and credited to your account monthly
• Only $1,000 minimum to open

Annual Contributions:

• $4,000 for persons age 50 and below
• $5,000 for persons under age 50 ½ and older

Withdraw Requirements:

• No required minimum distribution at age 70 ½
• Withdrawals before 50 ½ may be allowed under special circumstances

Simplified Employment Pension IRA

A Simplified Employee Pension is designed for the self-employed.

Contributions:

• May be treated as a tax credit, reducing your adjusted gross income
• Could be made by employer up to 25% of an employee's total income
• $45,000 maximum per year

Withdrawals:

• Tax-deferred until withdrawals begin
• Distribution is required at age 70 ½ or at retirement