From trips abroad to afternoons at home, an MNB IRA will help you spend your retirement the way you want.
- Competitive interest above standard savings rates
- No setup fees
- No monthly or annual maintenance fees
- No income limits to open
- No minimum contribution requirement
- $5,500 contribution limit per year for ages 50 and under
- Additional $1,000 “catch – up” contribution allowed for ages 50+ (total of $6,500)
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
- Funds can be used to purchase CDs within IRA
- $500 minimum deposit to open
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Early withdrawals may result in penalties: 60 days interest for 6-month IRAs, 180 days interest for 1-year IRA.