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Individual Retirement Accounts (IRAs)

Plan Your Retirement Today!

Here at Gateway Bank, we offer two different types of retirement accounts so you can plan for your retirement today. Gateway Bank IRAs are FDIC insured up to the maximum amount allowable by law.

IRA Options at Gateway Bank

  • Traditional IRA: Contributions may be tax-deductible, and earnings grow tax-deferred until withdrawal.  Ideal if you expect to be in a lower tax bracket during retirement.
  • Roth IRA: Contributions are made with after-tax dollars, but qualified withdrawals are tax-free. Great for those who anticipate higher taxes later.

Minimum Opening Deposit
$500.00

Terms
12 Month

Interest Rates, Early Withdrawal Penalty and Other Restrictions
Please contact our branch representative for more information, including current interest rates, fees, contribution limits, and restrictions for our personal Individual Retirement Account.

IRA Certificate of Deposit (CDs)

These combine the benefits of an IRA with the stability of a CD. Gateway Bank offers 12-month IRA CDs that are FDIC insured, with competitive rates.  We encourage you to allow your CD to reach the full term to maximize your interest earnings. However, we understand that emergencies or unexpected life events can occur. Should you need access to your funds before the CD matures, your money will be available. Please note that early withdrawals may be subject to an Early Withdrawal Penalty, which could reduce some or all of your earned interest and, in certain cases, your principal.

Benefits you can expect

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They’re easy

IRAs are easy to set up
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Tax breaks

IRA’s offer unique tax breaks
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Deferred savings

Tax breaks when you retire
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You own it

Unlike 401K’s, you own it

Why choose an IRA?

Most people make contributions to a 401K, but that’s not your only option for retirement. Especially for those who are self-employed, an IRA can be a big advantage for life after your career.

IRA’s are easy to set up
If you earn a taxable income, come see us and we’ll do all the work. There is no age limit, but your ability to contribute will depend on how much you report to the IRS. You can manage your investments on your own or you can choose to work with an investment professional.

Get unique tax breaks
With traditional IRA’s, you’re not required to start taking distributions until you’re 73, and you don’t have to pay taxes on your untaxed earnings while you contribute.

Deferred savings
A Roth IRA provides tax-free distributions while in retirement. Defer your taxes or get them out of the way, the flexibility is all yours.

Take charge of your retirement
With a 401K, you’re part of a larger investment group, and your employer can change plans without your permission. If you leave your job, you lose the ability to continue making contributions to that account. With an IRA, you have more choices on how to invest your money, even if you switch jobs. In fact, you can even roll over your 401K into your IRA.

Frequently asked questions

Individual Retirement Account – IRA’s were specifically set up to help individuals take more control over their retirement.

Both types of accounts were made for retirement, and the one you choose depends on both your current financial situation and your financial goals. For example, a Roth IRA allows you to make after-tax contributions. There are no penalties for withdrawal after 5 years and age 59½. With a traditional IRA, your taxes may be deferred so it makes it more affordable to contribute for individuals who expect to be in a lower tax bracket when it comes time to withdraw. We encourage you to give us a call to learn all the details.

Make an appointment with a representative at Gateway Bank and we’ll help you choose the right retirement account. If an IRA is right for you, we’ll discuss the benefits of a traditional IRA and a Roth IRA.

Join us today

At Gateway Bank, you’re treated like family. Whether you are looking for reliable banking options for yourself or your business, financing for your home, or IRA and CD accounts, stop by or give us a call. We’ll be delighted to serve you.

(510) 268-8108 Contact Us