IRAs

Individual Retirement Accounts

We also offer Traditional and Roth IRAs at either a variable or fixed rate. IRAs are a great option if you are looking to save for retirement. Review the chart below to learn about the differences between Traditional and Roth IRAs.

Features Traditional IRA Roth IRA
Who can contribute? You can contribute if you (or your spouse if filing jointly) have taxable compensation. You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts (see 2020 and 2021).
Are my contributions deductible? You can deduct your contributions if you qualify. Your contributions aren’t deductible.
 

Simplified Employee Pensions

The Bank of Frankewing also offers a Simplified Employee Pension (SEP), which is a great option for small business owners as well as those who are self-employed.

To learn more about our investment accounts and current rates, contact Jennifer Reese or Dawn Fox at 931-363-1796. For any Questions or comments, submit an inquiry to Contact Us, and we will reply quickly.