Serving West Central Arkansas and the River Valley, Union Bank offers three types of Individual Retirement Accounts (IRA) based on your individual and family needs: Traditional IRA, Roth IRA, and Educational IRAs. Our IRAs give you the flexibility of investing in a variety of options for later years.
What is a Union Bank Traditional IRA?
- An Individual Retirement Account (IRA) is an individual investment account that can be opened at any time and is separate from an employer-sponsored retirement account such as a 401k or 403b.
- There are no income limits to open an IRA, and no annual minimum contribution is required.
- Contributions are tax-deductible on state and federal income tax*.
- Interest earned is tax-deferred until withdrawal, usually when you are in a lower tax bracket.
- Early withdrawals are subject to a penalty**.
- Subject to the Required Minimum Distribution (RMDs) and are set by the IRS.
- Use our Traditional IRA calculator to see how much your savings could be worth at retirement.
What is a Union Bank Roth IRA?
- A Roth IRA is an individual investment account and is separate from an employer-sponsored retirement account such as a 401k or 403b.
- Income limits*** apply when opening a Roth IRA and are set by the IRS.
- Contributions are made with after-tax dollars and are not tax-deductible.
- Principal contributions can be withdrawn without penalty.*
- Interest earned is tax-free at withdrawal. Early withdrawals on interest are subject to a penalty***.
- Use our Roth IRA calculator to see how much your savings could be worth at retirement.
What is a Union Bank Educational IRA?
- An Educational IRA is an investment account designed to help save for qualified educational expenses and reduce the financial burden of college expenses.
- Income limits*** apply when opening an educational IRA and are set by the IRS.
- Contributions are made with after-tax dollars and are not tax-deductible. Contributions limits apply per beneficiary***.
- Interest earned is tax-free at withdrawal. Early withdrawals on interest are subject to a penalty***.
- Withdrawal for qualified educational expenses is tax-free.
Union Bank wants to help the residents of West Central Arkansas and the River Valley save for their future. Visit one of our convenient locations in Mena, Paris, Wickes, Hatfield, Caulksville, Clarksville, Ozark, Waldron, and Booneville to open a retirement investment account such as a Traditional IRA or a Roth IRA, or an Educational IRA investment account for your child(ren).
*Subject to minimal conditions. Consult a tax advisor. **Certain exceptions apply, such as healthcare, purchasing a first home, etc. ***Consult a tax advisor.