Individual Retirement Accounts (IRAs)

The Fauquier Bank offers traditional, Roth and Education IRAs depending on your personal needs. You may choose between variable rate savings IRAs or fixed rate IRA Certificates of Deposit. All are FDIC insured*. Savings IRAs can be opened with as little $1.00. IRA CDs are automatically renewable and require a minimum opening balance of only $250. Let us set up an automatic savings plan for you that will help you retire more comfortably.

There are many different kinds of IRAs. The most common are:

  • Traditional IRAs
  • Roth IRAs
  • Education IRAs
  • Rollover IRAs

Traditional IRAs

  • Your money grows on a tax-deferred basis
  • You make contributions to your IRA and deduct them on your taxes
  • You can get to your money without a penalty at age 70 1/2.

Roth IRAs

  • Roth IRAs are tax-free, which is even better than tax deferred
  • Flexibility to withdraw some of your money before you hit your golden years

Education IRAs

  • Contributions are tax free
  • Money can be taken out without hassle or penalty if used for certain education expenses

Rollover IRAs

If you've changed jobs and have money from your old company's 401(k) plan, you need to put it somewhere quickly or you could owe the government some serious cash. And a Rollover IRA is one good option.

Give The Fauquier bank a call if you have additional questions about any IRA account, or if you're ready to open one. Plus, there are many other retirement saving and planning options we could tell you about.

For more information on IRAs, please contact us.

* Each depositor insured up to $250,000.
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