ID of Level 3 Parent: 1088

IRA Savings

An IRA Savings Account gives you the flexibility to make contributions all year long. Deposits can be pre-tax, after tax or educational.

  • Earns interest quarterly
  • $1,000 opening balance
  • $5,500 maximum annual contribution ($6,500 for individuals age 50 or older); $2,000 maximum for educational account
  • Tax credits may apply
  • Unlimited deposits up to the maximum annual contribution amount
  • Unlimited qualified distributions
    * Early account closure fee of $25
    * IRS penalties apply for unqualified distributions

To open an IRA account, visit your favorite i-bank branch.

Contact i-bank for current interest rates and annual percentage yields.

Terms: You must deposit at least $1,000 to open this account. The interest rate for this account is variable. Your interest rate and annual percentage yield may change at our discretion. Interest will be compounded daily. Interest will be paid quarterly by deposit to this account. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. A $25 penalty will be imposed by the bank on unqualified withdrawals before the age 59 ½. This does not include IRS penalties.

 


Helpful Resources

At i-bank, we’ll go above and beyond what you expect of your banking partner.

Learn about our other Personal Banking options: Checking, Savings and CDsLoan Options, and Investment Options.

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