Individual Retirement Accounts

Traditional IRA: A tax deferred personal savings plan, which means all the earnings you accumulate remain tax deferred until you make withdrawals from the account.

  • Contributions may be tax deductible
  • To make contributions, you must be under age 70 1/2 for the year and earned compensation or received alimony
  • For tax year 2013, the maximum you can contribute is $5,500 (must have earned income equal to or greater than the contribution)
  • For qualified individuals age 50 or older, you can contribute up to $6,500
  • Funds can be withdrawn (without penalty) any time after you reach age 59 1/2. Some exceptions qualify, call for more details.

Roth IRA: A personal savings plan to which participants are able to make annual non-deductible contributions and earnings may be tax free.

  • Tax deferred earnings
  • No restriction on contributions
  • For tax year 2013, the maximum you can contribute is $5,500 (must have earned income equal to or greater than the contribution)
  • For qualified individuals age 50 or older, you can contribute up to $6,500
  • Funds can be withdrawn (without penalty) any time after you reach age 59 1/2. Some exceptions qualify, call for more details.

IRA Investment Options: Once you select the type of IRA, you must choose which investment option you prefer. 

  • Passbook IRA - the ability to make smaller, unlimited contributions
  • Certificate of Deposit IRA - the ability to make larger contr ibutions and earn a higher rate.

Insurance Services

Stearns Insurance Services is a group of independent insurance agents committed to meeting all your personal insurance needs. As an associate of Stearns Bank and a number of leading national and regional insurance companies - you have access to competitive, stable, yet affordable insurance options. Visit Stearns Insurance Services.  (You will be leaving the Stearns Bank site) 

Trust Services

Securian Trust is an associate of Stearns Bank offering a variety of trust and investment services. Visit Securian Trust (You will be leaving the Stearns Bank site)