Individual Retirement Account (IRA)

An Individual Retirement Account (IRA) offers the combined benefits of tax savings and solid income for your retirement. Whether you choose a Traditional or Roth IRA, Union Community Bank can help you find it with appropriate investments.


  • Competitive rates
  • Flexible terms
  • Expert advise

Click to view our current rates.

Questions: Contact Customer Service

Types of IRAs

Traditional IRA

  • Defer taxes on earnings until they are withdrawn
  • Certain contributions are tax-deductible in the tax year for which they are made
  • Eligibility: you must be under 70 ½ years of age for the entire tax year and you or your spouse must have earned income
  • Please consult your tax advisor

Roth IRA

  • A nondeductible retirement account featuring tax-free withdrawals, for you or your heirs, for certain distribution reasons after a five-year holding period
  • Beneficial if you expect to be in a higher tax bracket when you retire, as contributions are nondeductible
  • You or your spouse must have earned income, and modified adjusted gross income cannot exceed certain limits
  • Please consult your tax advisor

IRA Statement Savings Plan

  • Open account with minimum deposit of $50
  • Add to your account weekly, monthly or anytime you choose
  • Choose any amount allowable by law to invest during the year
  • Accumulate $500 to qualify for the IRA Certificate of Deposit

IRA Certificate of Deposit

  • Open account with minimum deposit of $500
  • Interest rates vary depending upon the term