Skip to Main Content

Savings Accounts

Individual Retirement Accounts (IRAs)

Take charge of your retirement today—start saving now for a big payoff tomorrow.

Request Information
Older Couple Applying for IRAs

Take control over your own future.

Why not enjoy tax benefits while saving for retirement? Texas First Bank Traditional or Roth IRA lets you earn competitive interest while you fund your future. Start today and you may be able to retire sooner than you think!

  • Competitive dividends above standard savings rates
  • No setup fees1
  • No monthly or annual maintenance fees
  • Contributions may be tax deductible2
  • $1 minimum deposit to open

What are the differences between Traditional and Roth IRAs?

There are advantages to each. One of the biggest differences is that a Traditional IRA typically provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of your retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax3
  • Earnings are tax-deferred until withdrawal (when usually in the lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals are subject to penalty4
  • Mandatory withdrawals at age 72

Roth IRA

  • Income limits to be eligible to open Roth IRA2
  • Contributions are NOT tax-deductible
  • Earnings are 100% tax-free at withdrawal3
  • Principal contributions can be withdrawn without penalty3
  • Withdrawals on earnings can begin at age 59 ½
  • Early withdrawals are subject to penalty4
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

Ready to take the next step?

Click the link below to request information about our IRAs.

1Substantial penalty for early withdrawal

2Consult a tax advisor.

3Subject to some minimal conditions. Consult a tax advisor.

4Certain exceptions apply, such as healthcare, purchasing a first home, etc.