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Personal Banking


Individual Retirement Accounts (IRAs)

A comfortable retirement doesn’t just happen overnight.  Planning ahead and wise investing are crucial in preparing yourself for retirement. Cardinal Bank offers both experienced staff who can help you select the best way to invest for your retirement and a choice of retirement savings options and terms.

Your Cardinal retirement accounts are insured by the FDIC to the maximum allowable limits.  These accounts are insured separately from other deposits you may have with Cardinal Bank.

We can help you plan for the future with our retirement accounts. Cardinal Bank provides Traditional and Roth IRAs and the flexibility to choose from a wide array of investment options to create the IRA that best suits your retirement needs.

Traditional IRA

Contributions to a Traditional IRA may be tax-deductible, and the earnings are tax-deferred until withdrawal. If you participate in a qualified retirement plan, your deduction for contributions may be reduced or eliminated based on your MAGI.1 The principal and interest in a Traditional IRA are subject to income taxes upon withdrawal.

We offer IRA Money Market Savings Accounts and IRA Certificates of Deposit (with terms from 3 - 60 months).

Roth IRA

Contributions to a Roth IRA are not deductible, but earnings accumulate tax-free. Contributions to the Roth IRA can be withdrawn at any time for any reason without federal tax or penalty. You can also withdraw your earnings without taxes or penalty if you are buying a home for the first time (up to a maximum of $10,000), you reach age 59½, or for other qualified reasons.

Simplified Employee Pension (SEP) IRAs

A SEP IRA is intended to provide self-employed individuals with a way to save funds for retirement. Withdrawals may be made after you reach 59½, or if you choose, you may wait until you are age 70½ to make withdrawals.

Catch-Up Contributions

If you are 50 or older, you may make “catch-up” contributions and contribute an extra 1,000 per year into your Cardinal Bank Traditional or Roth IRA. Contact a Cardinal representative for more information.


For more information, visit a banking office near you, call us at 703.584.3400 or 1.800.473.3247 or email us.

1MAGI – Modified Adjusted Gross Income from your federal tax form.