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Rates

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.