FDIC Digital Sign, using the official FDIC wordmark. This digital sign indicates the deposit institution is backed by the full faith and credit of the US government.
FDIC Digital Sign, using the official FDIC wordmark. This digital sign indicates the deposit institution is backed by the full faith and credit of the US government.

Individual Retirement Account

An individual retirement account (IRA) is a tax-deferred account into which a customer, subject to IRS restrictions, can save for retirement purposes.

  • 7-day to 60-month terms
  • $500 minimum deposit
  • Penalties for early withdrawal

Why invest in an IRA?

Save for the future

Save for the future you want while enjoying certain tax advantages.

More options

You can choose to invest in a wide range of financial products, including stocks, bonds, exchange-traded funds (ETFs), and mutual funds.

More people are eligible

These accounts are accessible for most people. Unlike a 401(k), they don’t require an employer to sponsor them.

Free services included with every IRA account

  • Online & Mobile Banking
  • Mobile Deposit
  • Direct deposit and auto debit
  • eStatements and combined statements

Traditional IRA

A traditional IRA is a type of individual retirement account in which individuals can make pre-tax contributions and the investments in the account grow tax-deferred. In retirement, the owner pays income tax on withdrawals from a traditional IRA.

Traditional IRA Advantages

  • Great for people looking to reduce their taxable income right away
  • Potential earnings grow tax deferred
  • As long as you are still working, you never have to stop contributing to a traditional IRA

Details

  • 7-day to 60-month terms
  • $500 minimum deposit
  • Penalties for early withdrawal

Roth IRA

A Roth IRA offers tax-free growth and tax-free withdrawals in retirement.

Roth IRA Advantages

  • Money you invest in a Roth IRA grows tax-free
  • You don’t have to report investment earnings
  • You’re eligible for tax-free and penalty-free early withdrawals on what you’ve contributed at any time. This does not include your earnings.

Details

  • 7-day to 60-month terms
  • $500 minimum deposit
  • Penalties for early withdrawal of earnings

Ready to open your IRA?

See a customer service representative at any of our convenient locations, or call customer support at (802) 388-4982.

To open your new NBM account, we will need the following information.

  • Social Security number and date of birth for all individuals on the account
  • Phone number and email address
  • Physical address (no post office boxes)
  • Debit card or account for funding the initial deposit for your new account
  • License or passport information for all individuals on the account
  • School information if you are a student

Please note:

A $100 initial deposit is required at account opening unless otherwise indicated. An early closure fee may apply (on accounts open less than one year)

Other fees and charges that may apply are outlined in our Fee Schedule.*

*This link opens a PDF. Click here to download Adobe PDF Reader.

NBM Mobile App

24/7 access to your IRA

WIth the NBM Mobile App, access your IRAs to view balances, view account history and more!

NBM Mobile App

smartphone in hand with National Bank of Middlebury logo on screen