The Busey Bank provides IRA options for consumers. Individual Retirement Accounts (IRAs) are tax-deferred saving plans, authorized by the Federal government for customers who wish to save funds for retirement. The Busey Bank's IRAs include Traditional IRA and Roth IRAs. An individual planning to open a Traditional IRA must have earned income and be less than 70 1/2 years of age. There is a minimum deposit of $500 to all fixed term options and a minimum deposit of $50 to open an 18 month variable rate term IRA. Roth IRAs were established in the Taxpayer Relief Act of 1997. Roth IRAs help taxpayers to save for retirement while allowing the earnings to grow tax-free. Roth IRAs are not available to those filing single with over $95,000 adjusted gross income, or joint with over $150,000 adjusted gross income.