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Traditional IRA

A Traditional IRA is a retirement account that allows you to defer taxes on your earnings until you withdraw the funds. Depending on your financial situation, you may be able to receive a tax deduction on your contribution in the tax year for which it is made. Once you reach the age of 59½, you may start making withdrawals from your IRA without penalty. You must begin taking distributions from your Traditional IRA when you reach the age of 70½.

Roth IRA Minimum Balance to
Open and Earn APY
Interest
Rate
Annual Percentage
Yield*
3 MONTH IRA CERTIFICATE $1,000 0.15% 0.15%
6 MONTH IRA CERTIFICATE $1,000 0.20% 0.20%
9 MONTH IRA CERTIFICATE $900 0.35% 0.35%
1 YEAR IRA CERTIFICATE $500 1.70% 1.71%
1 1/2 YEAR IRA CERTIFICATE $500 1.72% 1.73%
2 YEAR IRA CERTIFICATE $500 1.75% 1.77%
2 1/2 YEAR IRA CERTIFICATE $500 1.80% 1.82%
3 YEAR IRA CERTIFICATE $500 1.95% 1.97%
4 YEAR IRA CERTIFICATE $500 2.00% 2.02%
5 YEAR IRA CERTIFICATE $500 2.10% 2.12%

 

You should consult your tax advisor to help you understand how opening a Traditional IRA account would affect your specific tax situation.

 

* Penalties for early withdrawal of funds may apply. Maximum deposit $249,000. Rates accurate as of August 18, 2017.

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