Traditional IRA CD

If you're just starting to save for retirement or are already there and need a place to put that extra earned income, IRA CDs make a lot of sense. These time deposits are set at a fixed rate for a fixed term. Traditional IRA contributions are pre-taxed income and may qualify for a tax deduction the year of contribution. Interest earnings grow tax deferred. While qualified distributions may be taken at any time, standard CD penalties apply if CD is closed prior to maturity date. Taxes are due on qualified distributions. IRS penalties may apply on unqualified distributions.

  • Tax deferred growth
  • Interest accrues daily

    * Interest is deposited at maturity (Annually if twelve months or longer)

  • $100 opening deposit

  • $5,500 maximum annual contribution ($6,500 for individuals age 50 or older)

    * No contributions allowed after 70
    * Mandatory distributions begin after 70 1/2

  • Automatically renewable with a 10-day grace period

If you like the Traditional IRA CD, you might also be interested in these services.

Interest rate varies and depends on terms. One notice sent 14 days prior to maturity. Contributions can be made to existing IRA CDs at maturity only.

To open a Traditional IRA CD, visit your local i-bank branch.

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