An Individual Retirement Account (IRA) can provide a strong foundation to help you build your financial future.
Let the customer service representatives at The Bank of Mauston help you with your IRA rollovers and transfers.

To be eligible for a traditional IRA you must meet the following requirements:

  • The last year you can contribute is the year prior to turning 70 1/2 years of age
  • You or your spouse must have earned income

 

Contribution features of traditional IRAs include:

  • May be tax-deductible
  • May be up to $5,500 per year, and up to an additional $1,000 if you are 50 years of age or better
    by the end of the calendar year
  • Deadline to contribute is tax filing deadline, no extensions

 

Guidelines for distributions of traditional IRAs are as follows:

  • If distribution is taken prior to age 59 1/2, there are distribution penalties of 10% assessed,
    unless an exception applies, and taxed as ordinary income
  • There is a mandatory required minimum distribution beginning April 1 following the year
    in which you become age 70 1/2 years

To be eligible for a Roth IRA your or your spouse must have earned income.
There are no age restrictions for this type of IRA.

 

Contribution features of Roth IRAs include:

  • Non-tax-deductible
  • Up to $5,500 per year, and up to an additional $1,000 if you are 50 years of age or better
    by the end of the calendar year
  • Deadline to contribute is tax filing deadline, no extensions

 

Guidelines for distributions of Roth IRAs are as follows:

  • If distribution is taken prior to age 59 1/2, there are distribution penalties of 10% assessed,
    unless an exception applies, to non-qualified distributions
  • NO mandatory required minimum distribution
  • Tax-free distributions for certain situations after a five year mandatory waiting period for qualified distributions
  • For non-qualified distributions, earnings are taxed and generally subject to a 10% penalty,
    unless an exception applies

ANNUAL  PERCENTAGE  YIELDS  &  RATES  EFFECTIVE  October 1, 2014 to December 31, 2014

Term

APY

Interest Rate

18 months

0.50%

0.50%

Rate may change after account is opened.  Penalty for early withdraw may apply.  Annual Percentage Yield (APY) is calculated assuming that interest is added to the account quarterly.  A minimum deposit of $5.00 is required to open an 18  month variable IRA unless stated otherwise.

Annual Percentage Yields & Rates Effective November 21 to November 27, 2014

CD Term

APY

Interest Rate

3 months (interest added quarterly)

0.10%

0.10%

6 months

0.15%

0.15%

12 months

0.25%

0.25%

24 months

0.50%

0.50%

36 months

0.60%

0.60%

48 months

0.70%

0.70%

Annual percentage yield (APY) is calculated assuming that interest is added to the account semi-annually unless otherwise stated.
Penalty for early withdrawl may apply.

For more information about either a traditional or Roth IRA, please contact a customer service representative at any one of The Bank of Mauston’s six convenient locations.