Banking AccountsIndividual Retirement Accounts
A First National Bank South Dakota Individual Retirement Account, or IRA, is undeniably one of the best ways to invest money over the long term. With an IRA account, your funds are invested in certificates of deposit with fixed or variable terms that are FDIC insured.
All of our IRAs offer competitive rates and terms - plus, each IRA has its own tax advantages.*
- Traditional IRA
Available to individuals under the age of 70 1/2 with earned income within the Modified Adjusted Gross Income (MAGI). Up to $5,000 of your income can be contributed, and your contributions may be tax-deductible* Note: If you are 50 years or older, you may contribute up to $6,000. - Roth IRA
Available to individuals with earned income within the Modified Adjusted Gross Income (MAGI) - regardless of age. Up to $5,000 of your after-tax income can be contributed each year and your contributions benefit from tax-free growth.* Note: If you are 50 years or older, you may contribute up to $6,000. - Education Savings Account
This type of IRA can be set up by anyone for any child under the age of 18. Up to $2,000 can be contributed each year from all sources of your income. Withdrawals may be taken tax-free if used for secondary education purposes, but your contributions are not tax-deductible.*
*Consult your tax advisor regarding potential tax savings.
