Contributions are deducted from your income and are not taxed during the year in which the contribution is made. Instead, taxes are paid at the time funds are withdrawn.

For example, if you made $30,000 during the year and you put $2,000 into an IRA, you would pay income tax on only $28,000. Your contribution will grow free of tax through the years. In 30 years, at 4.29% Annual Percentage Yield*, with a $2,000 contribution per year, the total value in your account would have grown to $124,868.

*When you withdraw money, after age 59 ½, it will be taxed as income at your ordinary income tax rate. See your tax advisor for complete details. This is an example and is is based on an interest rate of 4.29% Annual Percentage Yield. IRA accounts may have withdrawal restrictions. Fees and withdrawal penalties could reduce your earnings - see your tax advisor for details.  Rates may vary with a First National Bank IRA and there is a $500 minimum balance required to open an IRA account.  Please see a personal banker for complete details.