Enjoy tax benefits while saving for retirement with a Texas First Bank Traditional or Roth IRA. Open an account today and earn competitive interest on your balance. Get your balance growing so fast you may be able to retire sooner than you think!

Details
  • Competitive dividends above standard savings rates
  • Traditional IRA and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Contributions may be tax deductible1
  • $1 minimum deposit to open
  • Substantial penalty for early withdrawal

Call a local banking center for current rates.

1Consult a tax advisor.

Traditional vs. Roth IRA

There are advantages to both Traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A Traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on earnings can begin at age 59 ½
  • Early withdrawals subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.