Individual Retirement Account (IRA)
An IRA is a type of account
established by congress to assist people with planning for
their retirement needs. Generally, money put into an IRA
cannot be taken out before age 59 1/2 without penalty from
the IRS (there are exceptions to this rule). The hope of
Congress was that by establishing these retirement plans,
people who do not have retirement plans available to them at
their place of employment would begin a savings plan using
this type of account.
Dakota Prairie Bank offers the following types of IRA
accounts:
- Roth IRA
-
Traditional IRA
- Educational IRA
-
SEP IRA (if you are the owner of a small business
There is a minimum deposit amount of
$100.00 to open any type of IRA. Dakota Prairie Bank offers
competitive rates on IRAs. Please call or stop in and talk to
our friendly staff to find out the current rates.
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