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Oconee State Bank, Watkinsville, GA

Individual Retirement Account

Individual Retirement Account

Traditional and Roth IRAs help you save money for retirement.

  • Only $500 opening deposit
  • Competitive Interest Rates
  • The following terms are currently available: 6 month, 12 month, 18 month, 24 month, 36 month, 48 month, and 60 month
  • Rates are guaranteed for the term of the IRA/certificate

Which IRA is right for me?

Traditional IRA

A Traditional IRA allows individuals to direct pretax income, up to specific annual limits, toward investments that can grow tax-deferred (no capital gains or dividend income is taxed). Individual taxpayers are allowed to contribute 100% of compensation up to a specified maximum dollar amount to their Traditional IRA. Contributions to the Traditional IRA may be tax-deductible depending on the taxpayer's income, tax-filing status and other factors.

  • Contributions may be fully or partially deductible, depending on circumstances
  • Generally, amounts in a traditional IRA (including earnings and gains) are not taxed until distributed
  • Contributions can be made up to age 70 ½
  • Mandatory distributions must be taken at age 70 ½ 
  • Penalty free withdrawals can be taken at age 59

Roth IRA

A Roth IRA bears many similarities to the traditional IRA, but contributions are not tax deductible and qualified distributions are tax free. Similar to other retirement plan accounts, non-qualified distributions from a Roth IRA may be subject to a penalty upon withdrawal. 

  • You cannot deduct contributions
  • If you satisfy the requirements, qualified distributions are tax-free
  • Principal can be returned tax free and IRA penalty free for any reason
  • Contributions can be made even after age 70 ½ 
  • No mandatory distributions

For additional information in making the right choice for you, visit or contact your tax advisor.

Check out this information resource that explains the differences between IRA accounts. 

In order to open a new account and establish and protect your identity, we will ask for some personal identifying information. We know your time is valuable, so please bring this information with you when you come. Please allow at least 30 minutes to establish your relationship at any of our convenient Oconee State Bank locations.

-Social Security or taxpayer ID number
-Unexpired Government issued ID or driver's license, military ID, or passport
-Proof of physical address, date of birth, phone number(s), and email address 

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