Savings & CDs

Individual Retirement Account (IRA)

Individual Retirement Account (IRA)

Don't put off saving until tomorrow. Today is the best time to begin putting money away for retirement. We offer different IRA plans, depending on your financial situation. Talk to a Dakota Plains representative about which account is the best for your and your family.

Contact, visit, or message us for details today!

  • Tax-advantaged* way to save for the future
  • Earn competitive interest higher than regular savings
  • Available in Traditional, Roth, and Educational
  • Range of terms to choose from
  • Annual contribution limits apply
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • NCUA insured
  • $100 minimum opening deposit

*Please consult your tax advisor.

Please visit the IRA Resource Guide for more information.

Traditional vs Roth

Traditional IRA

  • Anyone under age 70½ may open
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

*Consult with a tax advisor

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

Roth IRA

  • Income must be less than $120,000 annually to open ($177,000 for married couples)
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age

*Subject to some minimal conditions.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.


Formerly called the Education IRA, a Coverdell Education Savings Account (CESA) provides tax-free earnings* when the funds are used for a child's education expenses.

  • No annual fee
  • Interest grows tax free
  • Withdrawals tax free when used for qualified education expenses*
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • Contributions can be made until the child is 18 years old
  • Funds must be distributed when recipient reaches age 30
  • Contributors do not have to be related to recipient
  • Individuals and non-individuals (such as companies or charities) can contribute up to $2,000 per child per year
  • NCUA insured

*Qualified expenses include tuition and fees, books, supplies, board, etc.