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IRAs

 
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Individual Retirement Accounts (IRAs)

An IRA offers tax advantaged savings for your retirement.
  • Savings and CD options available
  • No monthly fees
The amount you can contribute is set by the IRS each year. If you’re 50 or older, you can make an additional catch-up contribution.
 
 

Traditional vs. Roth IRAs: What’s the Difference?

A Traditional IRA

  • Contributions are made pre-tax. At retirement, withdrawals are taxed at your current income tax rate.
  • Contributions are typically tax deductible. If you also have an employer retirement plan, the tax deductibility of your traditional IRA may be limited by the IRS.
  • Subject to required minimum distributions (RMDs).
  • Funds withdrawn prior to retirement will incur a penalty unless they meet exception criteria for certain uses.
 

A Roth IRA

  • Contributions are made post-tax. Roth IRA withdrawals are tax free.
  • Contributions are not tax deductible.
  • You can’t contribute to a Roth IRA if your income exceeds a limit set by the IRS.
  • Only earned income can be contributed.
  • Contributions can be withdrawn at any time tax and penalty free. Early withdrawal of earnings may be subject to penalty and tax unless they meet exception criteria for certain uses.
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Pro Tip

A Roth IRA may be preferable if you want tax-free income in retirement (especially if you believe you’ll be subject to a higher tax rate). A traditional IRA may be preferable if you prefer a tax deduction now.

Regular, IRA, and Youth CD Rates

As high as 1.15% APY1

6 months 0.35% 0.350%
0.35%
0.350%
1 year 0.50%
0.500%
0.55%
0.550%
2 year 0.70%
0.700%
0.60%
 0.600%
3 year 0.65%
0.650%
0.80%
0.800%
4 year 0.90%
0.900%
0.95%
0.950%
5 year 1.00%
0.999%
1.15%
1.148%

$500 – $9,999 
($100 minimum for youth CDs)
$10,000 +
Term APY1 Rate APY1 Rate
 
 

1 APY = Annual Percentage Yield. Rates are subject to change. Fees may reduce earnings. CDs are subject to early redemption penalties: 6-month CD, loss of 30 days interest; 1-year CD, loss of 90 days interest; 2-5-year CD, loss of 180 days interest. Rates effective . Consult your tax advisor regarding taxation of IRA contributions and withdrawals.
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