Contributions into a traditional IRA can be tax deductible and can lower your taxable income. Your earnings also grow tax deferred. However, contributions are not tax-deductible with a Roth IRA. For more information, consult your tax advisor and visit personal IRAs comparison page.
A Bank IRA is when you put your funds into a savings or CD account. A Brokerage IRA is when you put your funds into an investment such as mutual funds, stocks, and bonds. To learn more, contact a Financial Advisor to find out what products may fit your needs.
Yes there are annual contribution limits for a Traditional and Roth IRA. Visit personal IRAs comparison page for more information.
Traditional and Roth IRA CDs have early withdrawal penalties that depend on the specific account terms. Also, withdrawals made before 5 years and before the age of 59 1/2 may be subject to an additional IRS penalty. For details on account terms and penalties, consult your tax advisor and visit personal IRAs.
For more information about traditional IRA distributions, visit www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs. For more information about Roth IRA distributions visit www.irs.gov/retirement-plans/roth-iras.
