Individual Retirement Accounts

Individual Retirement Accounts (IRA)

  • Minimum of $500 to open
  • Competitive rates
  • No setup fees
  • No monthly or annual maintenance fees

It's never too late to plan ahead for your golden years. 

An IRA from GBC can help, with competitive rates and a variety of maturity dates and rates to suit your specific needs. Open this valuable investment vehicle with just a $500 minimum deposit, and start saving now toward a happy retirement. Ask one of our financial experts and get started today to make sure your future is financially sound.


  • Traditional, Roth, and rollover IRA options
  • $6,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+

Traditional vs. Roth

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 Roth 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 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 72
  • 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  • Principal contributions can be withdrawn without penalty1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 interest can begin at age 59½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1 Subject to some minimal conditions. Consult a tax advisor.
2 Certain exceptions apply, such as healthcare, purchasing first home, etc.
3 Consult a tax advisor.

Rollover IRA Are you getting ready to move or change jobs?

A rollover IRA allows for the tax-free movement of funds from a qualified retirement plan (such as 401(K), pension or profit sharing plan) to an IRA, to allow for continued tax-sheltered growth of funds.

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