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The best savings account for the years ahead

Invest in yourself.

Make art. Write a book. Travel. Teach. Consult. Whatever you dream of doing in retirement, an IRA saving account can go a long way toward getting you there. And whether you’re 50 years away or 15, an IRA provides a safe, easy, tax-advantaged investment vehicle to save for it.

  • $2,500 minimum deposit to open, FDIC-insured
  • No set-up or annual fees
  • $1,000 annual “catch up” contributions allowed for ages 50 and up


  • No income limits to open
  • No minimum contribution requirement
  • Tax-deductible contributions (on state and federal income tax)*
  • Tax-deferred earnings until withdrawal
  • Eligible for withdrawals at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 73


  • Income limits apply***
  • Non-tax-deductible contributions
  • 100% tax free earnings at withdrawal*
  • Penalty-free withdrawals of principal contributions*
  • Eligible for interest withdrawals at age 59 ½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on contributions with proof of earned income

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

Your IRA Questions, Answered.

You can avoid the 10% additional tax as long as you meet all the qualifications for an IRA distribution for a first-time homebuyer.


Annual contribution limits vary by year. The current limit is $6,500 for those under age 50, $7,500 for those 50 or older. Filing status and income may also affect contribution limits. Visit the IRS website for details. Yes, you can take distributions from your IRA at any time and for any purpose, including but not limited to a hardship. Keep in mind that any amount you withdraw is considered taxable income, and if you're under age 59 ½ an additional 10% tax may apply. Visit the IRS website for details on tax penalties. 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. When you turn 72, you’ll need to start taking required minimum distributions (RMDs) each year. To calculate the RMD, you divide your IRA account balance as of December 31 of the previous year either by the distribution period that applies or your life expectancy. Check these IRS tables for estimates.

Which IRA is right for you?

With F&M Bank, you can choose between two options: Traditional IRA or Roth IRA. The differences are small but significant. With a Traditional IRA, you contribute pre- or after-tax dollars, your money grows tax-deferred, and withdrawals are taxed as current income after age 59½. With a Roth IRA, you contribute only after-tax dollars, your money grows tax-free, and withdrawals after age 59½ are tax- and penalty-free.

How do you know which IRA is the best savings account for you? Here’s a basic rule of thumb:

  • Go the traditional route if you’re under 70½ and anticipate being in the same or lower tax bracket when you start taking withdrawals.
  • Go with a Roth if you’re at an age where you want to accelerate your savings and anticipate being in a higher tax bracket.


Make $1,000 annual “catch up” contributions (ages 50 and up).


Choose Traditional or Roth IRAs.


Earn higher saving account interest rates than standard savings.


Open an IRA account with no set-up or annual fees.


Invest a tax-advantaged way to save for retirement.*

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