Retirement Services

Traditional, Roth and SEP

Individual Retirement Accounts (IRAs) are a terrific way to start saving for your retirement or supplement other employer sponsored plans that may be available to you. We can open an IRA at the Downtown Bank and can assist you in rolling over funds from another retirement account. We charge no fees to set up your IRA and offer competitive 18-month variable rates with a low minimum start up of $100.00.

Citizens Bank of Edmond has both the Traditional IRA and the Roth IRA available for retirement investing. Both investment accounts allow an individual an annual contribution of up to $5,000, depending on age. You need to choose the account that minimizes your tax liability and maximizes your return. It is important to know that $6,000 is the aggregate amount that you can contribute to any Traditional and/or Roth IRA for customers age 50 or over.

The traditional Individual Retirement Accounts (IRA) allows you to save on taxes now and build greater retirement income for the future. Depending on your income, all or part of your IRA may be tax deductible. The traditional IRA also allows you to defer taxes on your earnings until you withdraw funds in your retirement years.

The Roth IRA is a nondeductible account that also allows tax-free earning power and withdrawals for various distributions after a five-year holding period. To open a Roth IRA you must have earned income and your modified adjusted gross income cannot exceed certain limits.

We also offer a SEP IRA option for the self-employed. Any business, whether a C Corporation, S Corporation, Partnership, or Sole Proprietorship can benefit from a SEP IRA. The plan is flexible and easy to administer. There are federal annual contribution limits, check with your accountant regarding your specific situation.

Please call our Downtown bank at (405) 341-6650 (or click here for a direct email link to leave a message) for additional information on our IRAs. They will answer any additional questions you may have and give you the current interest rates for Roth or Traditional IRAs.

To open an IRA, you will need to complete an application at the Downtown bank to make a deposit or establish an account to roll over funds. Your IRA must be opened before the Federal Tax Filing date to maximize your tax relief and receive credit toward prior year taxes. Your tax accountant can assist you with your specific financial situation.


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