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Individual Retirement Accounts (IRAs)

Let’s Save Together

We can’t tell you whether to retire on the beach or in the mountains, but we can make sure you have enough money to do either one. With only a $50 deposit, you can open a Traditional IRA or Roth IRA. Contribute whatever annual amount makes sense for your financial situation, up to $6,000 a year. Save for retirement with better dividends than a normal savings account, and get tax breaks on contributions (Traditional IRA) or withdrawals (Roth IRA). Education IRA is another name for a Coverdell IRA. These accounts provide tax advantages to people saving for a child’s education expenses. Anyone, including parents, grandparents, and even corporations and trusts, can contribute to education IRAs. However, there are income limitations, as well as caps on contributions and restrictions on how the money can be spent. Always consult a tax advisor about the tax benefits of an IRA and which one is best for your financial situation.



  • Start with only $50
  • Better dividends than standard savings
  • Tax benefits on contributions (Traditional) or withdrawals (Roth) (Always consult a tax advisor)
  • No maintenance or startup fees
  • No IRS penalties when withdrawing after 59 & 1/2



Frequently Asked Questions

  • The maximum contributions to an IRA are set by the government each year. Give us a call at (218)729-7733 or stop in to any branch and we can help you find the current maximums allowed. 

  • The main difference between Roth and Traditional IRAs are tax breaks. Traditional IRAs have tax deductible contributions, while Roth IRAs offer tax-free withdrawals.


  • As long as you have earned income, you are able to start an individual retirement account. (Always consult a tax advisor)

  • No, an IRA is an Individual Retirement Account, therefore you are not able to add a joint owner. You are able to add beneficiary to the IRA if you choose.

Let's Get Started

The sooner you begin investing for retirement, the more dividends and tax breaks you'll earn. Talk to us about your IRA options today.

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