difference

701 East Howard Street
Hibbing, MN 55746-0279
Phone: (218) 263.8855
Toll Free: (800) 819.0839
Telebank: (218) 263.2222

IRAs

Security State Bank has Traditional and Roth IRA’s.  Nearly everyone who is under age 70½ and has earned income is eligible to contribute to an IRA.  These contributions may or may not be tax deductible when filing an income tax return.  At Security State Bank your IRA contribution can be invested in a certificate of deposit or a savings account, you choose how much and where.  Deposits up to $250,000 are FDIC insured.  Once you have consulted your tax or legal professional for guidance, please contact us to start saving for your future.

  Traditional IRA Roth IRA
Tax Benefits Tax-deferred earnings & potentially tax deductible contributions Tax-free earnings & tax-free withdrawals
Minimum to Open $100.00 Savings & $1,000.00 CD $100.00 Savings & $1,000.00 CD
Eligibility You must have earned income equal or greater than your contribution
You must be under age 70½
You must have earned income equal or greater than your contribution
Your modified adjusted gross income must fall within the limits prescribed by the IRS
Maximum Contribution $5,500.00 annually
($6,500.00 if 50 or older)
$5,500.00 annually
($6,500.00 if 50 or older)
Required Minimum Distributions After age 70½ None
Account Fees
No Annual Fee
Low Balance Fee $25 (annually, before age 70½ if average yearly balance is less than $500) 
1% fee upon transfer to another financial institution, not to exceed $50.00
No Annual Fee
Low Balance Fee $25 (annually, before age 70½ if average yearly balance is less than $500)
1% fee upon transfer to another financial institution, not to exceed $50.00