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Individual Retirement Accounts


  • Minimum opening deposit only $100
  • Choose between Traditional IRAs, Roth IRAs, as well as a Coverdell Education Savings Account
  • Contribute to account at any time1
  • Traditional IRA and Roth IRA contribution limits: 
    • Taxable Year 2020 is $6,000
    • Taxable Year 2021 is $6,000
    • Taxable Year 2022 is $6,000
    • Individuals who are age 50 or over at the end of the calendar year can make a catch-up contribution up to $1,000.
  • Earn a higher interest rate over CD interest rates
  • Contributions may be tax-deductible2
  • Adjust your rate annually if over 59 ½ years old
  • Set up automatic transfers to or from a Gate City Bank Checking or Savings account
  • IRAs are separately insured by the FDIC up to $250,000

2022 IRA contributions can be made until April 15, 2023


Effective Date: Thursday, December 1, 2022

* An early withdrawal penalty may apply to the above certificates of deposit and IRA accounts.

Minimum balance required to open account and earn APY is only $1,000 for all Certificates of Deposit (CD's) including the Relationship CD and only $100 for all Individual Retirement Accounts (IRA's).

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1Annual contribution limits apply.
2Ask your tax consultant about possible benefits and tax advantages.