Routing Number | 255077370

Individual Retirement Accounts

Strengthen your retirement savings in a tax-advantaged IRA.

Bonus Rate for IRA Share Certificates

For a limited time until April 15, 2024, new IRA Share Certificates include an additional 0.50% on the APY as listed on our rates table.

Start saving toward a more secure retirement.

Supplemental Income

Use an IRA to supplement your employer's retirement plan. Available to Tower members who receive earned income and non-wage earning spouses of Tower members. Rollovers and transfers available.

Choose Traditional or Roth IRAs

Two popular options provide their own unique benefits.

Potential Tax Benefits

Consult your tax advisor for full details.

Share Certificates and Club Accounts

Different savings options help you reach different goals.

Easy Entry

Open your account with as little as $5.

No Annual Fees

Keep more of your money working toward your retirement.

When you leave the working world, what will you do with all that free time? It's never too early to start compiling a bucket list. It's also never too early to open an IRA, make steady contributions, and put yourself in position to make every moment count.

  • For 2023 tax year, contribute up to $6,500 a year ($7,500 if age 50 and over)
  • For 2024 tax year, contribute up to $7,000 a year ($8,500 if age 50 and over)
  • Earn a competitive dividend rate through IRA Share Certificates or IRA Club Accounts
  • With Traditional IRAs, you may be able to take a tax deduction every year you make a contribution
  • With Roth IRAs, all qualified withdrawals are tax-free
  • We can help you roll your employer-sponsored 401(k) into an IRA
  • Consult your tax advisor for additional information on IRAs

Decide which IRA is right for you:

IRA Basics * Traditional IRA Roth IRA
ContributionsUp to $6,500, or $7,500 if age 50 and older, for 2023. Up to $7,000 or $8,000 age 50 and older, for 2024.Up to $6,500, or $7,500 if age 50 and older, for 2023. Up to $7,000 or $8,000 age 50 and older, for 2024. Subject to modified adjusted gross income limits
Maximum Contribution age limitNone with earned incomeNone with earned income
TaxationEarnings taxed at withdrawal Contributions may be tax deductible, check with a tax advisorEarnings grow tax-free
WithdrawalsOptional beginning at age 59 ½, then mandatory withdrawals begin at age 72.Optional beginning at age 59 ½ No mandatory withdrawal age
Early withdrawalPenalties apply; exceptions exist for first time home purchase, higher education expenses, or if disabled.
* Consult a tax advisor for details.

Here's the easiest way to start saving for retirement. Begin with as little as $5 and watch your money grow with future contributions and steady dividends.

  • Available as Traditional or Roth IRA
  • Make deposits anytime in any amount, up to the maximum annual contribution limit
  • Dividends are earned daily and credited monthly  

While you’re still working, raising a family, and doing all the other things you do, these longer-term saving tools can quietly earn you some impressive dividends. They're available as Traditional or Roth IRAs.

  • Regular IRA Certificates: Minimum deposit of $500. Saving periods range from one to five years.
  • Bump-Up Certificates: Minimum deposit of $5,000 and savings periods of four or five years. You can increase your rate once if overall dividend rates climb during the certificate’s term.
  • Mini-Jumbo Certificates: Minimum deposit of $20,000 and savings periods of four or five years.

A simplified employee pension (SEP) is a pension plan established by a business or sole proprietor. Providing a solid retirement plan is part of attracting and retaining talented employees. 

  • Contributions are tax-deductible for the employer and deposited into IRAs 
  • Contributions are limited annually to 25 percent of compensation, or $66,000 for 2023 and $69,000 for 2024, (whichever is smaller) for each eligible employee