Individual Retirement Accounts

It’s not always easy to think about the future – but with our Individual Retirement Accounts (IRAs), a little planning can go a long way toward keeping you and your loved ones happy and secure.

With tax advantages† and FDIC insurance, IRAs enable you to invest for the long-term, saving money for your retirement.

At Merchants Bank, we offer a variety of IRAs – so you can choose the account that best meets your needs.

Our IRAs include:

Traditional IRA

  • Personal account for retirement
  • Must have earned income and be under 70.5 years old for an entire tax year to make contributions 
  • Interest earned on account is tax free until withdrawn

Roth IRA

  • Similar to traditional IRA
  • Certain qualified distributions are tax free 
  • Interest earned is tax free 
  • Earned income must meet certain parameters
  • Can continue to make contributions over age 70.5

Simplified Employee Pension (SEP) IRA

  • Allows employers to make contributions toward employees' retirements 
  • Self-employed individuals can also contribute toward their own retirement
  • Good option for small businesses 
  • Established and maintained by the employer in the employee's name 
  • No employee contributions allowed 

Savings Incentive Match Plan for Employees (SIMPLE) IRA

  • Ideal for small businesses
  • Established by an employer for the employee
  • Both employees and employers make contributions 

Coverdell Education Savings Account

  • Helps parents and students save for education 
  • Tax- and penalty-free withdrawals for higher education expenses
  • Contributions can be made until your child's 18th birthday 
  • Relatives can contribute toward the annual limit 


**Please seek the guidance of a tax or legal professional for specific advice and information regarding IRA laws and policies.  FDIC coverage does not apply to Trust/Investment relationships.