Individual Retirement Accounts

Use one of our Individual Retirement Accounts to prepare for the future, starting with as little as $100.  Choose between a ROTH IRA or one of several TRADITIONAL IRA’s, depending on your tax situation.  If you would like to transfer part, or all, of an existing IRA from another institution to Western Nebraska Bank, we can help you. Please note the following guidelines as you decide:

Roth IRA

  • Contributions are never deductible
  • Earnings are tax-free Contributions can usually be distributed at any time
  • Distributions are not required to be taken at age 70½.
  • Earnings can be distributed tax-free if at least 5 years ago AND one of the following:
    • Attaining age 59½
    • Becoming disabled
    • First home purchase
    • Death (payment is to beneficiaries)
    • Distributions are not required to be taken at age 70½.
    • Traditional IRA
  • Contributions are usually 100% tax deductible
  • Earnings grow tax deferred
  • Distributions are required to be taken by Traditional IRA holders beginning at age 70½.
  • Distributions are generally taxable, but are penalty free if taken under one of the following circumstances:
    • Attaining age 59
    • Becoming disabled
    • Payment for certain health insurance, medical expenses, and higher education expenses
    • Payment for a first home purchase
    • Death (payment is to beneficiaries)
    • Ask us about the annual contribution limits for Roth or a Traditional IRAs.

 Click here to see our current Interest Rates.