Putnam Investments Bank provides a full range of investment choices. Customers can contribute up to $5,000 a year with special tax benefits, depending on the type of IRA they own. If customers are 50 or older, they can make additional "catch-up" contributions that can give a boost to their retirement savings. IRAs have flexible distribution options that make them especially useful when planning their overall financial strategy. The bank offers both IRA types - Traditional IRA and Roth IRA. Traditional IRAs allows customer to make tax-deferred, or in some cases, tax-deductible contributions. The money customer invest accumulates tax free, but withdrawals are subject to income taxes. The Roth IRA contributions are made with tax-deferred dollars and account accumulation and withdrawals are tax free with a contribution limit of $5,000.