Traditional IRA
Account Overview
| Minimum Balance to Open | $1,000 |
| Minimum Balance to Obtain APY* | $1,000 |
| Interest Rate | 4.10% |
| APY* | 4.14% |
| Compound Periods Per Year | 2 |
| Interest Paid | June 15 and December 15 of each year |
| Monthly Fee | $0 |
| Statement Frequency | Annually |
Account Details
Contributions may be tax deductible.
Individuals must have earned income and file a tax return to make a contribution.
The interest earned is tax-deferred.
Distributions are available to individuals at any time, but if the individual is not age 59 1/2, or does not meet certain exceptions, they could be assessed an additional 10% premature distribution penalty by the IRS on the taxable amount withdrawn.
Withdrawal amounts are always subject to income tax regardless of age.
Individuals can contribute if they, or their spouse, have earned income and file a tax return.
Individuals are required to take annual minimum distributions upon reaching the designated IRS required minimum age.
The required minimum distribution (RMD) is based upon the individual's age and December 31st account balance.
Fees could reduce earnings on the account.
Investments are made into a Certificate of Deposit.