Individual Retirement Accounts (IRAs)
Customers who are interested in setting aside money for a financially secure retirement will definitely be attracted to First Northern's no-fee IRAs. Earn more with compound interest. You may select from three First Northern Bank IRA plans, including traditional and Roth IRAs.
- Can be opened by anyone with income and under the age of 70½
- Contributions are tax deductible*
- Interest earnings are tax deferred
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- No set-up or maintenance fees
- Mandatory withdrawals begin at age 70½
*Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, and others.
- Income must be less than $95,000 annually ($150,000 for married couples) to open
- Contributions are not tax deductible
- Earnings are 100% tax free upon withdrawal
- Direct contributions can be withdrawn free of penalty at any time*
- Interest withdrawals are penalty free beginning at age 59½
- Early interest withdrawals subject to penalty**
- No mandatory withdrawals at age 70½
- No maintenance or set-up fees
*Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, and others.
- Interest grows tax free
- Withdrawals are tax free when used for qualified education expenses*
- Contributions are not tax deductible
- No income restrictions or limits to open
- Beneficiary must be under 18 at time of opening
- Beneficiary does not have to be a relative
- Mandatory distributions begin if balance remains when beneficiary reaches age 30
- Maximum annual contribution of $2,000
- No maintenance or set-up fees
*Qualified expenses include tuition and fees, books, supplies, room and board, etc.
