Roth IRA
Account Overview
| Minimum Balance to Open | $1,000 |
| Minimum Balance to Obtain APY* | $1,000 |
| Interest Rate | 3.70% |
| APY* | 3.73% |
| Compound Periods Per Year | 2 |
| Interest Paid | June 15 and December 15 of each year |
| Monthly Fee | $0 |
| Statement Frequency | Annually |
Account Details
Contributions are NOT tax deductible.
Individuals must have earned income and file a tax return to make a contribution.
The earnings (interest) on the contribution accumulate tax-free as long as the five-year waiting period has been satisfied and the qualifying distribution rules have been met.
Individuals can have access to the principal at any time without an IRS penalty.
There is no minimum and maximum age limit as long as individuals, or their spouse, have earned income and file a tax return.
Modified Adjusted Gross Income (MAGI) limits apply for eligibility to contribute.
Individuals are NOT required to take annual minimum distributions.
Fees could reduce earnings on the account.
Investments are made into a Certificate of Deposit.