Individual Retirement Account

Retirement means more free time to do the things you love

A smart saving strategy can help you make the most of each moment 

Think long term
Make steady annual contributions to build a bigger nest egg.
Keep more of your money
IRAs offer tax advantages to help stretch your retirement dollars.
Make the right choice
Choose what's right for you - a Traditional or Roth IRA.

Keep daydreaming - but start saving, too

Relax with friends. Spoil the grandkids. Explore new places. Dive deep into a new hobby. Your retirement years hold unlimited opportunity for enjoyment. Of course, you'll need to set aside some money to make it all happen, and that's where we come in. Carter Bank's Traditional and Roth IRAs come with steady earnings at competitive rates, a range of tax advantages, and exciting prospects for your future.

Traditional IRA¹

  • Get a potential tax deduction for each year you make a contribution
  • Annual interest and dividend earnings are tax-deferred until withdrawn at or after age 59 ½    
  • Begin making penalty-free withdrawals at age 59 ½    
  • Though there are exceptions, most people must begin taking required minimum distributions the year they turn 73 years old
     

Roth IRA¹

  • Begin making tax-free withdrawals at or after age 59 ½ if the account has been open for at least 5 years
  • Contributions (not earnings) can be withdrawn tax-free at any time²
  • No minimum distribution required at any age
  • Traditional IRA may be converted to a Roth IRA regardless of modified adjusted gross income
     

Coverdell Education Savings Accounts¹

You want what's best for your children - that includes educational opportunities. With tuition costs constantly rising, it's best to start saving as early as possible. Coverdell Education Savings Accounts allow you to set aside funds for higher education - and for private elementary and secondary schools - and enjoy tax advantages.

  • Originally called Education IRAs because they share many of the tax advantages of regular IRAs
  • Contribute up to $2,000 per year for each child under age 18 
  • Funds can be used for tuition, room and board, academic fees and equipment such as laptop computers
  • All annual interest earnings are tax-free - and all withdrawals are tax-free
  • Any family member can contribute to the account - including grandparents, aunts and uncles, etc.

FAQs

For contact information, including phone numbers, email addresses, and online inquiries, please visit our "Contact Us" page. You can also call us at (833.275.2228), or visit us at one of our locations. To find a location click here.

Checking your way

Get checking account options, all with convenient digital tools.


Early withdrawal penalties may be imposed for early withdrawals. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate daily. Fees may reduce earnings.

² There is a single, five-year holding period when determining whether earnings can be withdrawn federal, and in many cases state, income tax-free as part of a qualified distribution from a Roth IRA. This period begins January 1 of the year of the first contribution to any Roth IRA account. Unlike the Traditional IRA, contributions are not tax deductible.

³ Christmas Club Disclosure APY = Annual Percentage Yield. Maximum deposit is $5,000 per customer.The daily balance method is used to calculate the account interest. This method applies a daily periodic rate to the principal ledger balance in the account each day. Unlimited deposits up to the $5,000 maximum deposit limit.  No withdrawals without closing the account.  If account is closed before interest is credited interest will be forfeited. $15.00 early closeout fee if account is closed within 90 days of account opening. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate daily. Fees may reduce earnings.

⁴ Initial Annual Percentage Yield (APY) assumes, principal and interest remain on deposit until maturity. Interest is compounded daily and credited quarterly. To earn APY, the minimum balance must be $100.00. A penalty for early withdrawal will be imposed. Fees may reduce earnings. Annual Percentage Yield (APY) is accurate as of 12.15.23. Penalties for early withdrawals: For maturities of less than one year, a 30-day interest penalty will be assessed. For maturities of one year or more, a 90-day interest penalty will be assessed.

All promotional offers, products and services offered by Carter Bank are subject to updates, modifications and/or termination at any time.

⁵ Rates subject to change. At our discretion, we may change the interest rate daily. Fees may reduce earnings. (This includes transfers for overdraft or insufficient funds transfers). The Annual Percentage Yield (APY) and balance for Carter Bank Premium Money Market Account are accurate as of 5.22.2023. APY is variable and subject to change based on the balance in the account; $0-$2,499.99 at 0.00% / $2,500-$24,999.99 at 0.26% / $25,000-$49,999.99 at 3.26% / $50,000-$99,999.99 at 3.37% / $100,000-$499,999.99 at 3.46% / $500,000-$999,999.99 at 3.56% / $1,000,000 and above at 4.01%. To earn the advertised APY, the minimum balance must be $25,000.00. Charges and fees may reduce earnings. Premium Money Market Account is available for personal and business customers.
$2,500 minimum balance to avoid fees. 30 day grace period to get to minimum balance.

Carter Bank is a full-service financial institution with locations throughout Virginia and North Carolina.