Skip to Content

Compare IRAs

Compare IRAs

Rollover IRA Traditional IRA Roth IRA Coverdell ESA
Appeals to eligible investors who: Want to move retirement funds from an employer-sponsored plan to an IRA Anticipate being in a lower tax bracket in retirement, or meet the criteria for making tax-deductible contributions and are most interested in a current tax deduction or not eligible to contribute to a Roth IRA Want tax-deferred earnings and qualified tax-free distributions

Expect their tax bracket to be the same or higher in retirement

Looking for tax-free income at retirement

Interested in passing IRA assets to their heirs

May not need their IRA assets to cover living expenses during retirement
Parents saving for their child's education
Minimum balance $5.00 $5.00 $5.00 $5.00
Online Access Access your account with Online Banking Access your account with Online Banking Access your account with Online Banking Access your account with Online Banking
Annual Maximum Contribution Eligible rollover amounts from employer sponsored plans are unlimited, but contribution limits are the same as Traditional IRAs Lesser of 100 percent of your earned income, or $5,500

Aggregated with other IRA accounts (except Education Savings Accounts, SEP & Simple Employer Contributions)
Lesser of 100 percent of your earned income, or $5,500

Aggregated with other IRA accounts (except Education Savings Accounts, SEP & Simple Employer Contributions)
$2,000 per child, per year
Catch-Up Provisions (for individuals age 50 and older) Same as Traditional IRA* $1,000 per year $1,000 per year None
Contribution Deadline April 15 of the following year, the tax filing deadline for Traditional IRA contributions. April 15 of the following year, the tax filing deadline. April 15 of the following year, the tax filing deadline. April 15 of the following year, the tax filing deadline.
Restrictions on Contributions Same as Traditional IRA* Contributions can only be made prior to the year in which the IRA owner turns 70½

Must have earned income
No age requirements

Must have earned income and be within MAGI Limits. (Modified Adjusted Gross Income).

Married filing joint:
2017 - $186,000

Single
2017 - $118,000
Not eligible if MAGI is over $110,000 if single, and $220,000 if married filing joint
Deductible Contributions Same as Traditional IRA* Subject to income limits and participation in an employer-sponsored plan Non-deductible Contributions Non-deductible Contributions
Rollover IRA Traditional IRA Roth IRA Coverdell ESA
Taxation on Distributions* Same as traditional IRA

Distributions are subject to current federal income taxes and a possible penalty (if the participant is under age 59½)
Earnings and deductible contributions are taxed as ordinary income

10% federal tax penalty before age 59½ unless due to death, disability, eligible medical
expenses, certain unemployed individual's health insurance premiums, limited "first time" home purchase ($10,000 life-time maximum), qualified higher expenses or IRS levy.

No tax on non-deductible contributions
Qualified distributions of contributions may generally be distributed tax- and penalty-free

Earnings are distributed tax-free if held in Roth IRA for 5 years and meet one of the following qualified reasons:

1 - Over 59½
2 - Death
3 - Disability
4 - 1st time home purchase

Earnings are distributed penalty-free if any of the following reasons are met:

1-4 above and;

-Education expense
-Large medical expense
-Health insurance premiums while unemployed

All other reasons may be subject to 10% penalty
Distributions are tax free if they are not more than the child's adjusted qualified education expenses.
Mandatory Distributions Same as traditional IRA Age 70½

or Beneficiary (except spouse) must begin the year following the IRA owner's death
None during lifetime

Beneficiary (except spouse) must begin the year following the IRA owner's death
At age 30.
Set-up costs None None None None
Annual Fee None None None None
Investment Choices Options available with Texas Trust Investment Services

Mutual Funds (load and no-load)

Stocks

Bonds

Options on stocks and common indexes

NCUA-insured credit union products (fixed-rate CDs)
Options available with Texas Trust Investment Services

Mutual Funds (load and no-load)

Stocks

Bonds

Options on stocks and common indexes

NCUA-insured credit union products (fixed-rate CDs)
Options available with Texas Trust Investment Services

Mutual Funds (load and no-load)

Stocks

Bonds

Options on stocks and common indexes

NCUA-insured credit union products (fixed-rate CDs)
NCUA-insured credit union products (fixed-rate CDs)

* Consult your tax advisor for more information.

See our Truth in Savings disclosures: Share Accounts (Savings and Checking). You may also be interested in Savings/CDs options.

Back to top