Individual Retirement Account


Secure Your Future With An Individual Retirement Account

Is an IRA Right For You? Take our Home City Federal Savings Bank One-Minute IRA Test and find out. Then call Julie Mills at (937) 390-0470 or stop in at either of our convenient locations.

IRA Comparison Chart

Traditional IRARoth IRA
Features and BenefitsA way for an individual to save for retirement with the combination of an upfront tax break and tax-deferred growth until you withdraw the funds.A personal retirement account with the potential of tax-free growth. You can have a Roth IRA as long as you live.
Contributions*Contributions may be tax-deductible. Can contribute with earned income if you were not 70 1/2 by the end of the year.Contributions are not tax deductible. Must have earned income and there is no age limit on contributions.
Eligibility*Anyone under the age of 70 1/2 with earned income or their spouse, if they file a joint return.Anyone with earned income or whose spouse has earned income, at any age.
Withdrawals*Withdrawals made before age 59 1/2 may be subject to a 10% IRS penalty. Certain exceptions may apply (e.g. first-time home buyer).Pay no taxes on qualified withdrawals. Distributions are tax and penalty free after 5 year holding period and you reach age 59 1/2.
Minimum Required Distibutions (RMD)Withdraws may begin at age 59 1/2 without penalty but are taxed as current income. RMD is mandatory by 70 1/2.No Mandatory distributions during the lifetime of the original owner. Entire account can pass to an heir. Distributions are tax and penalty free after 5 year holding period and you reach age 59 1/2.
* Consult your tax adviser regarding eligibility, contributions and distributions.

Please visit the IRS website and review Publication 590 for further IRA guidelines.

You might be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.

If you are changing employers, an IRA Rollover may make sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by rolling over your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us.

You must complete a rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just stop in at either of our convenient locations.

Online Banking LoginIcon for: Online Banking

IRA Savings Accounts

BalanceAPY*Interest Rate
$0 - $4,9990.05%0.05%
$5,000 - $24,9990.05%0.05%
$25,000 - $49,9990.20%0.20%
$50,000 - $99,9990.25%0.25%
$100,000 - $199,9990.30%0.30%
$200,000 - $249,9990.75%0.75%
$250,000 - $499,9991.36%1.35%
$500,000 +2.02%2.00%
Rates effective November 22, 2018 and subject to change without notice. *Your interest rate and annual percentage yield may change. At our discretion we may change the interest rate at any time.