Through a Traditional or Roth IRA, First Advantage Bank offers multiple options to help you reach your retirement and savings goals. Begin your IRA account with as little as $500. Interest accrues daily and is credited quarterly.
This IRA is designed for individuals who want to save tax-deferred dollars and annual contributions to be tax-deductible depending on limitations. Penalty-free withdrawals may be made at any time for college expenses or the purchase of a first home.*
The major benefit of the Roth IRA is tax-free earnings growth. You are not required to receive distributions at age 70 ½ and in most cases you can pass your Roth assets to your heirs free of federal income taxes. Withdrawal of earnings is tax-free if certain distribution rules are met.
*Check with your financial advisor for more details about the IRA that is best for you and optimizes your tax-deductibility potential. Normally, withdrawals prior to age 59 ½ are subject to a 10% IRS penalty and possible bank penalties.