Business/Ag IRA’s

Business Individual Retirement Account – IRA

The First National Bank of Monterey offers a variety of competitive rates and terms on Individual Retirement accounts (IRA’s). With our Individual Retirement Accounts, you can rest assured you are utilizing one of the best savings tools available to help you achieve financial security.

• You must have earned income to establish an IRA
• No minimum amount required to open
• No fees to set up IRA accounts.
• Penalties applicable on distributions prior to age 59 1/2
• Will receive an annual statements

Type of IRA:

A SEP plan allows employers to contribute to traditional IRAs (SEP-IRAs) set up for employees. A business of any size, even self-employed, can establish a SEP.

A SIMPLE IRA plan provides small employers with a simplified method to contribute toward their employees’ and their own retirement savings. Employees may choose to make salary reduction contributions and the employer is required to make either matching or non-elective contributions. Contributions are made to an Individual Retirement Account set up for each employee