Retirement Savings Accounts

IRA Advantages

With a traditional IRA, you contribute pretax income toward investments that can grow tax-deferred. This means you pay taxes on money only when you make withdrawals. You may also deduct your contributions from your tax return, depending on eligibility. This account is best for those who: 

  • Are looking for tax deductions now
  • Aren't eligible for a Roth IRA because income is high
  • Are expecting to be in a lower tax bracket when they retire
Roth IRA Advantages

With a Roth IRA, you make contributions with after-tax money that can grow tax-free. By paying taxes on your money right away, you don't have to worry about taxes on your Roth IRA later. This account is best for those: 

  • Want to avoid required minimum distributions beginning at age 70½.
  • Required minimum distribution doesn't pertain to a Roth IRA.
  • Want tax-free withdrawals.

IRA Rates

Certificates of Deposit & IRA Rates
Account Name Interest Rate APY*
3 Month 0.10% 0.10%
4 Month 0.15% 0.15%
5 Month 0.15% 0.15%
6 Month 0.20% 0.20%
7 Month 1.49% 1.50%
8 Month 0.30% 0.30%
9 Month 0.30% 0.30%
10 Month 1.34% 1.35%
11 Month 0.40% 0.40%
12 Month 0.40% 0.40%
13 Month 0.45% 0.45%
14 Month 0.45% 0.45%
14 Month No Penalty CD** 1.73% 1.75%
15 Month 0.50% 0.50%
16 Month 0.50% 0.50%
18 Month 0.50% 0.50%
24 Month - 2 Year 1.34% 1.35%
30 Month 1.34% 1.35%
36 Month - 3 Year 1.34% 1.35%
48 Month - 4 Year 1.34% 1.35%
60 Month - 5 Year 1.34% 1.35%
84 Month - 7 Year 1.59% 1.60%

Retirement Savings Account FAQs

In 2019, you can contribute up to $6,000 if you're under age 50.

If you’re age 50 or older, the contribution limit is $7,000. This is the total that can be contributed per year across all IRAs.

Combined Traditional and ROTH IRA regular contributions may not exceed the maximum contribution limit mentioned above.

For more information please see our IRA informational document here.

For a traditional and Roth IRA, early withdrawals (before age 59 ½) are subject to a 10% IRS penalty. In addition traditional IRA distributions are fully taxable based on your tax bracket. Roth IRA distributions are not subject to taxability. See tax advisor for additional information in reference to your taxability.

For both traditional and Roth IRAs, you can make IRS penalty-free withdrawals at age 59 ½ and older.

Deadline for 2019 IRA contributions is April 15, 2020.

With Roth IRAs, earnings can be distributed tax-free if the Roth IRA holder made the first Roth IRA contribution at least five years ago AND has attained age 59½.

APY = Annual Percentage Yield.

** This product does not apply to an IRA