The minimum balance to open a Roth IRA CD is $1,000. The minimum balance to open a Roth IRA Savings Account is $25. You must maintain the minimum balance indicated in the tables above to earn the disclosed APY. A penalty may be imposed for early withdrawal. The interest rates and APY may change after the account is opened for all interest bearing accounts except CDs. Calculations of the APY assume interest is credited to the account monthly. Fees could reduce earnings on accounts. Refer to the appropriate Fee Schedule and Terms and Conditions.

You cannot make a Roth IRA contribution if your adjusted gross income (AGI) reaches the following limits:

Contributions to a Roth IRA are not tax deductible.

After your Roth IRA has been in existence for at least 5 years, the following distributions from the account are tax-free:

• Distributions made after you turn 59½.
• Distributions of up to $10,000 (lifetime limit) that are used for the first-time purchase of a home.
• Distributions made upon your death or disability.

You may contribute to a Roth IRA after age 70½ if you have earned income.

You are not required to take annual distributions from a Roth IRA when you turn 70½.

Your modified adjusted gross income (MAGI) is less than that shown in the table above.

You have earned income and you want to continue to make contributions after age 70½ while working.

You don't want to take mandatory withdrawals after age 70½.

You prefer to have tax-exempt funds available at retirement.

You do not have another IRA or you want to split contributions between a Traditional IRA and a Roth IRA (the combined maximum allowed for the Traditional IRA and a Roth IRA is limited to $5,500 per year, or $6,500 for age 50 and over).

Contributions to a Roth IRA are not deductible, but withdrawals are generally tax-exempt if:

You don't begin withdrawals until at least five years after you establish the Roth.

You are younger than 59½, but you use the withdrawn funds for a first-home purchase (withdrawals for this purpose are limited to a lifetime cap of $10,000).* In all cases, a Roth IRA must be held for at least five years to qualify for the federal tax exemption.

You become disabled or die.

Withdrawals of earnings prior to meeting the plan requirements (five years and age 59½ or first-time home purchase or disability or death) may be subject to ordinary income tax and 10% federal additional tax as well as possible state taxes, unless an IRS exemption is allowed.

Bank penalties may apply for withdrawals from time deposits before maturity.

If you already have a Traditional IRA but have determined that the Roth IRA is more advantageous, you can direct future IRA contributions to a Roth IRA. You can convert (roll over) your existing Traditional IRA to a Roth IRA as long as your modified adjusted gross income (MAGI) is no more than $100,000 (this threshold applies whether you are a single or a joint taxpayer) and married individuals must file a joint tax return.

Converting a Traditional IRA to a Roth IRA is not a tax-free "rollover." A distribution of funds from a Traditional IRA is a taxable distribution. The decision to convert may depend on a number of factors, including whether you are willing to pay the taxes now in return for potentially receiving more after-tax income when you withdraw funds from the Roth IRA later. Before you convert, be sure that you are in fact eligible and that your MAGI will not exceed the $100,000 limit. The amount of your distribution may be subject to tax penalties, especially if you do not roll over the entire amount of the distribution into a Roth IRA. We suggest you see your tax advisor before making your final decision.

*Withdrawals from IRAs before age 59½ may be subject to a 10% federal additional tax and possible state tax. In addition, withdrawals from Fixed Term and Variable Rate IRAs before the maturity date may also be subject to a bank early withdrawal penalty.