Individual Retirement Account

The best time to start saving for retirement is now.

Start planning for your future

Luana Savings Bank's Personal Bankers are available to discuss the variety of IRA account options to meet your financial goals.

Types of IRA Accounts and Features

Roth IRA

  • Tax-free growth & withdraws (as long as it is a qualified distribution)
  • No required minimum distribution
  • Taxed at the time of contribution

Traditional IRA

  • Not taxed until you are required to start taking distributions, currently at age 73

SEP IRA

  • Not taxed until you are required to start taking distributions, currently at age 73

Compare and find the right IRA account for you!

  Income Tax Grows Tax-Free Contributions Contribution Limit
Traditional IRA* Taxed at withdrawal (except post-tax contributions)   Must have earned income to contribute $6,500 ($7,500 if 50 or older)
SEP IRA* Taxed at withdrawal (except post-tax contributions)   Must have earned income to contribute $6,500 ($7,500 if 50 or older)
Roth IRA* Taxed at contribution X Must have earned income (within limits) to contribute $6,500 ($7,500 if 50 or older)

*Please contact your Tax Consultant for more information on IRA's.

Traditional, Roth, & SEP IRAs

Effective Date: June 5, 2023
Term/Type Interest Rate APY*
18 Month Variable3.80%3.85%
18 Month Fixed4.55%4.60%
30 Month Fixed4.40%4.45%
42 Month Fixed4.00%4.04%

*You must maintain the minimum daily balance to obtain the disclosed APY (Annual Percentage Yield). Luana Savings Bank reserves the right to change interest rates and terms without notice. You may incur a penalty for early withdrawal and fees may reduce earnings. Roth and Traditional IRAs have a maximum contribution amount of $6,500 annually for 2023. If you are 50 or older, you can make an additional $1,000 “catch-up” contribution annually. SEP IRAs have a maximum contribution amount of 25% of your net earnings from self-employment (not including contributions for yourself) up to $61,000 for 2022 or $66,000 for the 2023 tax year. Must be a resident of Iowa. Consult your tax advisor to know what IRA is going to be best for you and the amount you are able to contribute.

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Open an Account Today

Call or visit us and we will be happy to assist you.

Roth IRA vs. Traditional IRA Calculator

Calculator is provided as-is solely to estimate potential rates, fees, and costs. Calculator is made available as a self-help tool and examples are hypothetical. Calculator is not intended to provide investment or tax advice.