a group of friends sitting outside

Individual Retirement Account

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

a couple smiling riding in an automobile

percent icon
percent icon

Competitive rates above regular savings
coin icon
coin icon

No Set up Fees or monthly/annual maintenance fees
piggy bank icon
piggy bank icon
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  • Principal contributions can be withdrawn without penalty*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.

            Connect with Your Relationship Banker    
            Apply for an IRA Today