Retirement Accounts

For healthier, wealthier retirements.

It’s never too early or too late to plan for retirement. At American Bank, we offer Individual Retirement Accounts (IRAs) to help you turn decades of hard work into well-deserved rest and relaxation. Your contributions may even be tax deductible, and the interest earned each year is also deferred on your taxes. Have questions? Our Bankers are here to help.

Traditional IRA

A way of saving for retirement that allows earning to grow tax-deferred.  Taxes are paid only when withdrawals are made during retirement.

  • $500 minimum opening deposit.
  • Taxed withdrawals.
  • $6,000 maximum annual contribution ($7,000 after the age of 50).

Roth IRA

With a Roth IRA, contributions are taxed when they go into the account.  When withdrawals are made during retirement, they are tax free.

  • $500 minimum opening deposit.
  • Taxed withdrawals.
  • $6,000 maximum annual contribution ($7,000 after the age of 50).

Coverdell IRA

A custodial account that is set up in order to pay education expenses for a designated beneficiary.

  • $500 minimum opening deposit.
  • Tax-free withdrawals.
  • $2,000 maximum annual contribution.

What sets us apart

Our experienced bankers are always available to discuss your plans and develop a customized solution based on the unique aspects of your situation. Our truly personal approach to service is what sets us apart. At American Bank, you don’t just open an account; you start a relationship, the way banking should be. We are committed to your success, and are here to act as your trusted advisor on all aspects of your financial life.

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