Individual Retirement Accounts (IRAs)

• No income limits to open
• No minimum contribution requirement
• Contributions are tax deductible on state and federal income tax¹
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty²
• Mandatory withdrawals at age 70 ½

• Prepare for qualified medical expenses
• Income limits to be eligible to open Roth IRA³
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal¹
• Principal contributions can be withdrawn without penalty¹
• Withdrawals on interest can begin at age 59 ½
• Early withdrawals on interest subject to penalty²
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

An Individual Retirement Account (IRA) is an account for retirement savings that offers tax advantages.

A Traditional IRA can offer tax-deductible contributions, while a Roth IRA can offer tax-free withdrawals.

The deadline for contributions into your IRA is Tax Day (typically mid-April) of the following year. For example, the last day you can make a 2022 contribution is April 18, 2023.

You can open an OMB IRA by visiting any of our 8 convenient Southwest Missouri locations. You can also request to be contacted by a branch representative.

You will earn the rate offered at the time of account opening for the length of the IRA CD term you select. Once the CD matures, you can choose a new term or the same term. For any transfers or withdrawals, we recommend you consult a financial advisor for any potential tax implications.

As of 2020, there is no age limit on making regular contributions to traditional or Roth IRAs.

Annual percentage yield, or APY, is a calculation of the rate of return for your deposit over a one-year period that includes the interest rate plus compounding frequency.