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IRAs

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Saving for Retirement is as Easy as I-R-A

It’s never too early — or too late — to start saving for retirement with a tax-advantaged Individual Retirement Account (IRA) from PlainsCapital Bank. Our certificate of deposit IRAs offer tax benefits and attractive rates in fixed-term, FDIC-insured accounts. Choose between a Traditional and Roth IRA based on your specific needs. It only takes $100 to start turning your retirement dreams into reality.

Traditional IRAs

A Traditional IRA allows you to make qualified annual contributions tax-free, meaning you’ll pay no taxes on your savings until you withdraw them.

Roth IRAs

With a Roth IRA, your contributions are not tax-deductible (like a Traditional IRA), but qualified withdrawals — including earnings — are tax-free.

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Traditional IRAs

Roth IRAs

Who Can Contribute Anyone with earned income, until the year you reach 70 1/2Anyone with earned income and whose Modified Adjusted Gross Income is within IRS limits
Tax AdvantagesContributions may be deductible; earnings aren’t taxed until withdrawn or the account owner is age 59 ½, or is disabled, dead, or withdrawing up to $10,000 for a first-time home purchaseQualified withdrawals are tax-free after the account has been open for five tax years and the account owner is age 59 1/2 (or is disabled, dead, or withdrawing up to $10,000 for a first-time home purchase)
Contribution DeductibilityMay be tax-deductible depending on your income and whether you're covered by an employer's retirement plan Are not tax-deductible
Contribution MaximumsUnder age 50: $6,000 Age 50 or over: $7,000 Limits are for 2020; contributions cannot exceed earned income for the year Under age 50: $6,000 Age 50 or over: $7,000 Limits are for 2020; contributions cannot exceed earned income for the year
Required Distributions Must begin at age 70 1/2 __
Rollovers Funds from a qualified retirement plan can be rolled overFunds from a qualified retirement plan can be rolled over

Which IRA is Right for You?

Visit a PlainsCapital branch near you to discuss which IRA is right for you, or view our comparison chart for more information.

Other Personal Banking Solutions

Personal Checking

Simple, straightforward checking with a variety of perks and easy around-the-clock access.

Savings & Money Market

Start zeroing in on your goals with accounts that help you grow your money and retain access when you need it.

CDs

Increase your return with a higher-yield Certificate of Deposit from PlainsCapital to fit your needs

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