Just about everyone has an opinion on what makes a good investment — and they often change from one minute to the next. At Heritage Bank, we believe it's pretty simple: invest in yourself! Our traditional and Roth IRAs allow you to do so risk free. There are no setup fees, so it's easy to get started. Prepare for a secure financial future today with an IRA from Heritage Bank of the Ozarks.

Details
  • Save for retirement with tax advantages1
  • Earn competitive interest higher than regular savings
  • Available in traditional and Roth
  • Annual contribution limits apply
  • $1,000 annual "catch up" contributions allowed for ages 50 and better
  • No annual fees or set up fees
  • No minimum balance requirements
  • Federally insured
  • $1,000 minimum deposit to open
Traditional vs. Roth

There are advantages to both Traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A Traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½

Roth IRA

  • Prepare for qualified medical expenses
  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on earnings can begin at age 59½
  • Early withdrawals on earnings subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing a first home, etc.

3Consult a tax advisor.