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What is an IRA?

Individual Retirement Accounts (IRAs) are a great way to achieve your financial goals and provide a secure, comfortable retirement. IRAs offer either a tax-deferred or tax-free way of saving money.

We offer two types of IRAs: Traditional IRA and Roth IRA. At Mutual Federal Bank you can open your individual retirement accounts as FDIC-insured Certificates of Deposit with terms ranging from 3 months to 5 years.

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 decide which kind of IRA will be the most beneficial for you.

 

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

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