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Individual Retirement Account Savings


Explore the advantages of an IRA Savings account designed to support your retirement goals. Benefit from features such as tax advantages and potential interest growth to secure a comfortable financial future.


Available in either a Traditional or Roth IRA format, our IRA Savings facilitates retirement savings through regular contributions tailored to your budget. Both IRA accounts come with FDIC insurance for added security.


Minimum Initial Deposit:

Any Amount Monthly

Maintenance Fee:

$5

Get Started Today

Here’s what you need

Collaborate with our experts to craft a tailored retirement plan.

Stated BankERS offers a range of products to initiate savings and boost funds in retirement.

The ideal IRA plan for you depends on your present circumstances.

Begin The IRA Account Process

Consider consulting a tax advisor for insights into deductions related to IRA contributions for Savings Accounts and CDs.

Safeguarding Your Future

Made even simpler with Stated Savings Account

This service ensures that you effortlessly progress towards the retirement you aspire to.

By automatically transferring funds from your checking account to your IRA account, you can save without the need for constant monitoring. Set the transfer amount and frequency according to your preferences, and we’ll take care of the rest.


Benefits


Flexibility

Available in both Traditional and Roth formats, providing flexibility to choose an account that aligns with personal financial goals and circumstances.

Simplified Funds Transfer


Streamlines the savings process by automatically transferring funds from a checking account to the IRA, making saving for retirement more convenient.

No Minimum Initial Deposit:


You can open an account with any amount.

Monthly Maintenance Fee:

With a reasonable monthly maintenance fee, the account remains cost-effective while providing valuable retirement benefits.

Common Inquiries

Distribution Requirements for Traditional IRA Accounts

After reaching age 73, a mandatory minimum distribution (RMD) is required annually. Withdrawals are not automatic; you need to request them. Automatic payment scheduling services are available, and for more details, consult with a Citizens Banker.

Distribution Requirements for Traditional IRA Accounts

After reaching age 73, a mandatory minimum distribution (RMD) is required annually. Withdrawals are not automatic; you need to request them. Automatic payment scheduling services are available, and for more details, consult with a Citizens Banker.

Contribution Deadline

Contributions must be made by the income tax due date for that tax year, typically April 15th of the following calendar year.

Withdrawal Timing and Penalties

Withdrawals can be made at any time, but the taxable portion becomes part of your yearly income.

Early withdrawals before age 59 ½ may incur a 10% IRS tax penalty on the taxable portion. Exemptions include the purchase of a first home (up to $10,000), higher education expenses, or disability.

Roth IRA accounts must be open for at least five years and meet exemptions to avoid tax penalties.

Spousal IRA Contributions

If married, filing jointly, and your modified adjusted gross income (MAGI) meets or exceeds the combined contribution amount for you and your spouse, you can make an IRA contribution for your spouse.

2015 IRA Rollover Rules Amendments

New IRS rules limit options for moving IRA assets between financial institutions. Your IRA documents have been updated to reflect this rule change. Links to amendments applicable to your disclosure statement are provided below.

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