Put your retirement savings to work so you don't have to. Profinium IRAs pay competitive interest and offer unique tax benefits.*
Your Amazing Retirement Savings is Possible
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Competitive rates above regular savings
No Set up Fees or monthly/annual maintenance fees
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Tax-advantaged retirement savings*
Key Features:
- Traditional and Roth IRA options
- No setup fees
- $7,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- Free access to our mobile banking and Money Pro spending app**
- $500 minimum deposit to open
Call any one of our four branches for current rates and terms.
Mankato - 507-389-8900
Owatonna - 507-444-0111
Fairmont - 507-235-5538
Truman - 507-776-2311
*Consult with your tax advisor.
**Data rates may apply.
Traditional Vs. Roth
When do you want to enjoy your tax advantage? A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.*
Traditional IRA
- No income limits to open
- No minimum contribution per year
- Contributions are tax deductible on state and federal income tax**
- Earnings are tax deferred until withdrawal
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 73
Roth IRA
- Income limits apply
- Contributions are NOT tax deductible
- Earnings are 100% tax FREE at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty***
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
Prospective borrowers must be of legal age to apply for a loan.
*Consult with your tax advisor.
**Subject to some minimal conditions. Consult a tax advisor.
***Certain exceptions apply, such as healthcare, purchasing first home, etc.