ProGrowth Bank Holiday hours:

Tues. 12/24 – Closing at noon and no mobile deposits will be excepted, Wed. 12/25 – CLOSED, Tues. 12/31 – OPEN with a 2024 transaction deadline of 4:00pm, and 1/1 – CLOSED 

FDIC insured
Home / Personal / Personal Accounts / IRAs / Traditional IRA

Traditional IRA

Retirement has a way of sneaking up on people. But don’t worry, ProGrowth Bank has an IRA account to help you ready your finances for retirement!

It’s never too early or too late to start taking control of your retirement. So start now! A Traditional IRA from ProGrowth Bank lets you save for your future through tax-deferred contributions and provides a range of options for withdrawing funds when the time comes.

ProGrowth Bank Traditional IRA features & benefits:

  • Contribute up to $7,000 of earned income (exact amounts are subject to change each year)1
  • Over 50 you can contribute up to $8,000 of earned income (exact amounts are subject to change each year)1
  • Often contributions are 100% tax-deductible1
  • Distributions are generally taxable and may incur a penalty under certain circumstances
  • Distributions are required to be taken beginning at age 73
  • Earnings grow tax-deferred
  • Fund withdrawals without penalty at age 59 ½
  • IRA withdrawals before age 59 ½ are subject to 10 percent penalty and additional fees – with some exceptions.2

1 Consult with your tax advisor. Certain qualifications apply.
2 You may be able to avoid a penalty if your withdrawl is for a qualifying first-time home purchase, qualifying medical and education expenses, disability or death to name a few.

Open An Account Today