Opening an IRA

Life is like chess. You’ve always gotta be thinking two steps ahead to protect yourself (and your queen). Even if you’re in your prime, it’s never too early to start saving for retirement. Our diversified IRA accounts provide several great options to suit your needs. Checkmate.

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IRA Rates Rates as high as 2.25% APY**

Classic IRA Rates — Effective December 1, 2017

Term Rate APY** Minimum Deposit
3 Month0.648%0.65%$500
6 Month0.847%0.85%$500
1 Year0.896%0.90%$500
2 Year1.342%1.35%$500
3 year1.588%1.60%$500
4 Year1.687%1.70%$500
5 Year2.031%2.05%$500

Signature IRA Rates — Effective December 1, 2017

Term Rate APY** Minimum Deposit
1 Year0.995%1.00%$10,000
2 Year1.440%1.45%$10,000
3 Year1.687%1.70%$10,000
4 Year1.785%1.80%$10,000
5 Year2.129%2.15%$10,000

Premier IRA Rates — Effective December 1, 2017

Term Rate APY** Minimum Deposit
1 Year1.094%1.10%$25,000
2 Year1.539%1.55%$25,000
3 Year1.758%1.80%$25,000
4 Year1.884%1.90%$25,000
5 Year2.227%2.25%$25,000

IRA Share Account Rates — Effective December 1, 2017

Term Rate APY** Minimum Deposit
$100 - $9990.050%0.05%
$1,000 - $9,9990.150%0.15%
$10,000 +0.150%0.15%

How to Save for Retirement

 

Classic IRA

Signature IRA

Premier IRA

IRA Share Account

You can use funds from your savings, checking or any special share account to open an IRA tax-deferred share account.

IRA Types Traditional, Roth or Education IRA Traditional, Roth or Education IRA Traditional, Roth or Education IRA Traditional
Minimum Initial Deposit $500 $10,000 $25,000 No minimum or maximum deposits
Terms

3 or 6 months
1, 2, 3, 4 or 5 years

1, 2, 3, 4 or 5 years 1, 2, 3, 4 or 5 years No term limits
Minimum Balance NA NA NA NA
Withdrawals Limited by IRS regulations Limited by IRS regulations Limited by IRS regulations Limited by IRS regulations
Contributions may be tax deductible
Interest Rates View Rates View Rates View Rates View Rates

Traditional vs Roth IRAs

Have no idea what the difference is? That’s cool. We can explain.

Traditional IRAs

A Traditional IRA offers potential tax-deductible contributions and the opportunity for your earnings to grow tax-deferred until they are withdrawn in retirement. This means you won't pay federal income taxes on your deductible contributions or any earnings until you withdraw money on or after attaining age 59½.

Generally, a traditional IRA is a good choice if you're eligible to make deductible contributions and expect your tax rate during retirement to be lower than it is today.

Roth IRAs

A Roth IRA provides the opportunity for your earnings to grow tax-free. Generally, Roth IRAs offer greater tax savings and withdrawal flexibility than Traditional IRAs

A Roth IRA may be appropriate if you expect your tax rate to be the same as it is today or higher during retirement.

Comparing Traditional & Roth IRAs

  Roth IRA Traditional IRA
Designed for Individuals that expect to be in the same or higher tax bracket after retirement and don't exceed the income limits of a Roth IRA. Individuals that expect to be in a lower tax bracket after retirement or that don't qualify for a Roth IRA due to income level.
Eligibility Any age with employment compensation Under age 70½ with employment compensation.
Tax Benefits
  • Potential tax-free growth of earnings.
  • Tax-free qualified withdrawals.
  • Tax-deferred growth.
  • Contributions may be tax deductible.
IRA Account Fees None None
Required Minimum Distributions Not during account owner's lifetime Yes
Rollover Allowed From 401(k), 403(b), 457 or TSP Yes, but pre-tax contributions are subject to income tax. Yes, tax-exempt

Contributions and Deadlines

  Roth IRA Traditional IRA
Maximum Contribution
  • 2015: Up to $5,500 (+$1,000 catch-up contributions for age 50 and over)
  • 2016: Up to $5,500 (+$1,000 catch-up contributions for age 50 and over)
  • 2015: Up to $5,500 (+$1,000 catch-up contributions for age 50 and over)
  • 2016: Up to $5,500 (+$1,000 catch-up contributions for age 50 and over)
Contribution Deadline
  • Tax filing day, no extensions
  • Can contribute up until April 15, 2016, for 2015 tax year
  • Can contribute up until April 15, 2017, for 2016 tax year
  • Tax filing day, no extensions
  • Can contribute up until April 15, 2016, for 2015 tax year
  • Can contribute up until April 15, 2017, for 2016 tax year

Tax Information

Roth IRA Traditional IRA
Tax Deductibility Contributions are not deductible If you're covered by an employer-sponsored retirement plan, your tax deduction depends on your income. If you're not covered by an employer-sponsored retirement plan, contributions could be fully deductible.
Taxes on Withdrawals Withdrawals of contributions are always tax free. Earnings are tax free after five years, assuming one of the following: age 59½, disability, death, qualified first-time home purchase. Withdrawals of pre-tax contributions and earnings are taxable when distributed.
Penalty for Early Withdrawal Distributions from contributions are tax free. 10% penalty tax on withdrawals before age 59½, unless an exception applies. 10% penalty tax on withdrawals before age 59½, unless an exception applies.
Spousal IRA allowed for Non-Working Spouse Yes Yes
Custodial IRA allowed for Minor Children Yes Yes

More Ways to Save

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Savings

It doesn’t matter what you’re saving for — college tuition or that diamond encrusted bluetooth headset — we’ve got you covered with plenty of options to maximize your savings.

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Red MM for Money Market

Money Market

Consider this the gymnast of the group because it’s über-flexible. Earn higher rates as your balance grows, all while having the flexibility to make a limited amount of free withdrawals.

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Blue CDs letters

CDs (Certificate of Deposit)

Your golden years might seem like a lifetime away, but it’s never too early to get ahead of the game. Open an IRA and start preparing for retirement today.

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