Compare IRAs
Deciding between a Traditional and a Roth IRA? Learn more about the comparisons between the two. Your local Dollar Bank experts are also available to answer any questions you have.
| Traditional IRA | Roth IRA | |
|---|---|---|
| Am I eligible to contribute? | Yes, if you and/or your spouse has earned income. | Yes, if you and/or your spouse has earned income and it's within certain limits. |
| How much can I contribute? | Standard contribution limits are up to $6,500 a year ($7,500 if 50 years of age or older) for individuals and $13,000 a year for married couples, even if only one spouse has earned income ($6,500 per spouse or $7,500 if 50 years of age or older). | Standard contribution limits do not exceed $6,500 a year ($7,500 if 50 years of age or older) for individuals and $13,000 a year for married couples ($6,500 per spouse or $7,500 if 50 years of age or older). |
| How long can I contribute? | As long as you have earned income, you can contribute to your IRA. | As long as you have earned income, you can contribute to your IRA. |
| Are my contributions tax-deductible?* | Tax-deductible contributions depend upon participation in employer-sponsored retirement plans and income levels. | No |
| Are my earnings tax-deferred? | Yes | Yes |
We're here to help 1-800-242-2265
Dollar Bank representatives are available Monday - Friday from 8:00 AM - 8:00 PM and Saturday from 9:00 AM - 3:00 PM.
Email us: customerservice@dollarbank.com
*Tax deductible portion of contributions vary based on age, income and tax filing status. Please consult your tax advisor.