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Individual Retirement Accounts

• Personal • Savings Accounts • Individual Retirement Accounts

Individual Retirement Accounts (IRAs) are a retirement savings plan for anyone under the age of 72 with eligible earned income. 

Our Individual Retirement Accounts are backed by Certificates of Deposit, which provide you with a guaranteed rate of return. IRAs are considered a good tax-deferred option for most people because no taxes are paid on the income earned until the money is withdrawn – which is usually not until retirement!

Traditional vs Roth IRAs

There are two types of IRAs – Traditional and Roth – and both have their advantages.  The key is to determine which is right for you.  You should consult your tax advisor if you aren’t sure. 

Here are some advantages of each type:

Roth IRA

Contributions are not tax-deductible, but the earnings are tax free once you’re ready to use them, as long as you hold the account for at least 5 years AND you make a qualified distribution.

Traditional IRA

In a Traditional IRA, you don’t pay tax on the earnings until you begin distribution. Depending upon your income level, you may be able to deduct all or a portion of your contributions.

Please consult your tax advisor regarding the tax benefits of IRAs, as they will be able to provide a comprehensive insight.

IRA Certificate of Deposit Rates

Rates effective (c)

Term Minimum Balance for APY* Interest Rate APY (Annual Percentage Yield) Interest Compounded
12 Months $500.00 .05% .05% Quarterly
24 Months $500.00 .05% .05% Quarterly
36 Months $500.00 .05% .05% Quarterly
48 Months $500.00 .05% .05% Quarterly
60 Months $500.00 .05% .05% Quarterly

* All interest rates are subject to change at our discretion. Interest Rate and Annual Percentage Yield (APY) are accurate as of the date listed above. You must maintain the minimum balance in your account each day to obtain the annual percentage yield. The annual percentage yield disclosed assumes that the principal and interest will remain on deposit until maturity. A withdrawal will reduce earnings. Fees may reduce earnings. A penalty may be imposed for early withdrawal.

 

Please contact a personal banker for further information regarding rates and fees at 1-773-594-5900.

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