IRA Accounts


For some, it's a long way off. For others, it's just around the corner. But for anyone who's concerned about securing his/her future, planning for retirement is an immediate concern. These days, an IRA, or Individual Retirement Arrangement Account, is one of the best ways to make sure you'll be financially secure throughout your retirement years.

Mechanics Bank recognizes that no two savers are alike. Each has different retirement goals and needs. That's why we offer a variety of IRAs both Traditional and Roth with fixed or variable rates, designed to give savers the flexibility they need to reach their retirement goals.

Fixed Rate IRA

Recommended for lump-sum depositors or investors who want fixed rates guaranteed until maturity.

  • Fixed rate, compounded daily
  • The minimum opening deposit is $250
  • Additional deposits are $250 minimum
  • Maximum annual contribution as defined by IRS guidelines
  • Maturity: up to five years
  • Early withdrawal penalties may apply

Variable Rate IRA

Recommended for first-time IRA investors or depositors who prefer to make smaller installments.

  • Variable rate, compounded daily
  • The minimum opening deposit is $100
  • Additional deposits are $50 minimum
  • Automatic deposit option available
  • Maximum annual contribution as defined by IRS guidelines
  • Monthly statements available
  • No maturity
  • A penalty of $50 for early closing is applicable if the account is closed within the first 6 months

To open an IRA account, please visit one of our offices or call 800-797-6324.