Individual Retirement Account (IRA) | Itasca Bank & Trust Co.

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A smart retirement strategy has multiple layers, and a low-risk IRA from Itasca Bank & Trust Co. lets eligible savers take advantage of tax benefits while earning interest. Plus, account balances are FDIC-insured, protecting your future from volatility in the market.

Whether you're just starting to save for retirement or want to augment an employer-sponsored plan, our IRA options work in a number of different scenarios. Explore the various tax advantages to determine which account fits into your retirement strategy. If you're not sure, our team is here to walk you through the decision making process.

Individual Retirement Account Details

The following types of IRAs are available to fit your needs and investment objectives.

Traditional IRA

Contributions (in most cases) are tax deductible, which saves money on income taxes paid each year
Builds income for retirement
Defers taxes
FDIC insured - so your money is secure*
Funds may be withdrawn for higher education or first time home buying (up to $10,000.00)
Earns interest
Flexible methods of contribution and distribution
Quarterly reporting to account holders

For 2023 Contributions:

2023 Standard Contribution: $6,500
Catch-Up Contribution (Age 50 and older): $1,000.00

For 2024 Contributions:

2024 Standard Contribution: $7,000
Catch-Up Contribution (Age 50 and older): $1,000.00

*Each depositor insured to at least $250,000.

Roth IRA

Contributions are not tax deductible, but qualified distributions are tax-free after a 5-year holding period
No mandatory distributions required at the age of 70 1/2 or older
Funds may be withdrawn for higher education or first-time home buying (up to $10,000.00)
FDIC insured - so your money is secure*
Earns interest
Flexible methods of contribution and distribution
Quarterly reporting to account holders

*Each depositor insured to at least $250,000.

For more information about any of these products, contact our Customer Service Department.

When sending an email to anyone at Itasca Bank & Trust Co., please do not include passwords, account numbers, or any other confidential financial or personal information.

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About Us

Itasca Bank & Trust Co.

Itasca Bank & Trust Co., an independent, locally-owned bank, offers a broad spectrum of deposit accounts, savings products, and loans that are sure to suit your individual and business needs.

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