Serving our communities since 1910.

The First National Bank of Monterey offers a variety of competitive rates and terms on Individual Retirement accounts (IRA’s). With our Individual Retirement Accounts, you can rest assured you are utilizing one of the best savings tools available to help you achieve financial security.

Individual Retirement Account – IRA

  • You must have earned income to establish an IRA
  • No minimum amount required to open
  • No fees to set up IRA accounts.
  • Penalties applicable on distributions prior to age 591/2
  • Will receive an annual statements

Type of IRA:

A traditional IRA is a way to save for retirement that gives you tax advantages.

  • Contributions you make to a traditional IRA may be fully or partially deductible, depending on your filing status and income, and
  • Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until you take a distribution (withdrawal) from your IRA.
  • Distributions are required at age 72

A Roth IRA is an IRA that is subject to the rules that apply to a traditional IRA, except for the following:

  • You cannot deduct contributions to a Roth IRA.
  • If you satisfy the requirements, qualified distributions are tax-free.
  • You can leave amounts in your Roth IRA as long as you live.
  • The account must be designated as a Roth IRA when it is set up.

A SEP plan allows employers to contribute to traditional IRAs (SEP-IRAs) set up for employees. A business of any size, even self-employed, can establish a SEP.

A SIMPLE IRA plan provides small employers with a simplified method to contribute toward their employees’ and their own retirement savings. Employees may choose to make salary reduction contributions and the employer is required to make either matching or non-elective contributions. Contributions are made to an Individual Retirement Account set up for each employee

A Coverdell education savings account, is a tax-advantaged investment account in the U.S. designed to encourage savings to cover future education expenses, such as tuition, books, and uniforms.