Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)


Summary
  • Tax-advantaged retirement savings*
  • Competitive interest rates
  • No setup or maintenance fees
  • Invest funds in MVB CDs within IRA to maximize returns
  • May be reported on IRS Form 1099
  • FDIC insured

*APY accurate as of 3/10/14. Rate may change after account is opened. Minimum to open IRA Savings account is $50.00. Minimum balance to earn interest is $0.01. Fees may reduce earnings. Limits and qualifications apply. Consult with a tax advisor to determine eligibility.


Traditional IRA
  • Contributions can be tax deductible*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½**
  • Early withdrawals subject to penalty*

*Limits and qualifications apply. Please consult with a tax advisor.

**Bank penalties may apply.

Roth IRA
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Withdrawals on interest can begin at age 59½**
  • Early withdrawals on interest subject to penalty*
  • No mandatory distribution age

*Limits and qualifications apply. Please consult with a tax advisor.

**Bank penalties may apply.

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