An Individual Retirement Account allows you to save for retirement. Lyon County State Bank offers two types of IRAs—Traditional and Roth.

Traditional IRA Features

  • Allows you to contribute before-tax dollars
  • Contributions may be tax deductible
  • Earnings grow tax-deferred until withdrawn
  • IRS penalties may be assessed on withdrawals prior to age 59½
  • Minimum distributions are required at age 70½
  • Fixed and variable rate options available

Roth IRA Features

  • Allows you to contribute after-tax dollars
  • Contributions are not tax deductible
  • Earnings grow tax-deferred
  • Earnings may be withdrawn tax-free if the Roth IRA is at least 5 years old and you’re at least 59½
  • No minimum required distributions
  • Fixed and variable rate options available

Account Details

Minimum Amount to Open
  • $500 for all IRAs except Easy Start IRA
  • $25 for Easy Start IRA
Minimum Balance to Earn Interest  $0

Penalties may be imposed for early withdrawal

Last Updated: August 16, 2022