Bank of Hazelton

We can help you build your nest egg for a secure and stable retirement. Bank of Hazelton is where you can gather all of your financial management in one place, using bank CDs that are guaranteed safe and growing. We help retirees continue to plan, so they can live a full life during retirement. We offer Traditional, Roth, and SEP IRAs. We can answer your questions about contributions, deductions, withdrawals and penalties related to IRAs.

If you like complete safety, you may establish an IRA using a CD as the investment vehicle
The primary benefit is that most investments are pre-tax and grow on a tax-deferred basis
The contribution may be deducted from taxable income, subject to limitations
You don’t pay taxes on them until after you begin making withdrawals
You can withdraw assets from your IRA without a 10% early distribution penalty tax any time after you reach age 59 ½
Once you reach age 70 ½, required minimum distributions must be withdrawn from an IRA annually
Your money is FDIC insured up to $250,000 and grows for when you need it

This is very similar to a Traditional IRA, but you invest after-tax dollars
The contribution to this account is NOT deducted from taxable income, but the withdrawals are tax-free after a specified period
Distributions from these accounts are not taxable as long as the account has been open for five (5) years and the individual has attained the age of 59½ or takes a "qualified special purpose" distribution
There is an income limit for contribution eligibility
After that, any earnings you withdraw for a qualified distribution reason are income tax and penalty free
No minimum annual withdrawals are required at any age

Congress established IRAs to encourage individuals to save for their own retirement, with several tax advantages. That’s why in most cases you can’t withdraw the money without penalty until you reach the age of 59 1/2. CD-funded IRAs offer stable investment opportunities.

Consult your tax advisor to see if one is right for you.

At Bank of Hazelton we guarantee…

No annual fees, commissions or hidden charges
No risk -- FDIC insured up to $250,000
Tax deferred earnings -- so your money grows faster (See your tax advisor)
Your retirement funds stay local

Savings and Retirement Calculators

If you need help choosing which IRA would be best suited for you, you can call or stop in and talk to one of our personal banking professionals for more information.

To open your IRA, stop by the Bank of Hazelton location at 363 Main Street, Hazelton, North Dakota. Or get started by calling us at 701-782-6295 for account openings by phone. Call and talk to a personal banking professional during our Customer Service hours, 8:30 AM to 4:00 PM Monday- Friday.