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Individual Retirement Account

Interest rates vary depending on the length of time you select. IRAs are established with time periods of 18 or 30 months. Check current rates.

  • Interest Calculation
    FSNB uses the Daily Balance Method to calculate interest. This method applies the contracted interest rate to the principal in the account each day. Interest begins to accrue no later than the business day of the day of deposit.
  • Compounding
    Interest on your IRA will accrue daily and will be added to your IRA annually.
Traditional
Roth
Annual Dollar Limit
$4,000
$4,000
Annual Dollar Limit - Over 50 Years of Age
$5,000
$5,000
Percentage of Compensation Limit
100%
100%
Contribution allowed after age 70.5
No
Yes
Distributions must start by age 70.5
Yes
No
Accepts tax-free rollovers from Traditional IRA
Yes
No
Accepts taxable rollover from Traditional IRA
No
Yes
Accepts tax-free rollovers from Roth IRA
No
Yes
Accepts rollovers from Employer Plan
Yes
No
Contributions might be deductible
Yes
No
Distributions might be tax-free
No
Yes

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