Supercharge Your Retirement
Individual Retirement Accounts (IRAs) can supercharge your retirement savings thanks to special tax advantages granted to them by the IRS. You can place your IRA funds in an IRA Savings Account or IRA Certificate of Deposit (CD), depending on how much you are contributing and how long you are willing to leave the funds in the account.
IRA Product Comparison
| Product | Minimum Balance | Annual Maintenance Fee | Withdrawals |
|---|---|---|---|
| IRA Savings Accounts | None | $10/plan |
Traditional: Non-qualified withdrawals subject to IRS penalty prior to age 59½. Roth: Contributions can be withdrawn anytime with no penalty. Interest withdrawn prior to age 59 ½ subject to IRS penalty. |
| IRA CD | $1,000 | $10/plan |
Traditional: Non-qualified withdrawals subject to IRS penalty prior to age 59 ½ and interest penalties if made during deposit term. Roth: Non-qualified withdrawals of interest prior to age 59½ are subject to IRS penalty. Withdrawals of interest or contributions during deposit term subject to interest penalties. |
Ready to get started?
To open a Aquila Standard IRA, visit one of our nine convenient branches, call us at 206.398.5500 or toll-free at 718.952.1741, or fill out the form below to get started.
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Current Rates
| IRAS: | 0.15%-1.06% APY* |
|---|---|
| CDs: | 0.10%-0.91% APY* |
| Money Markets: | 0.10%-0.30% APY* |
| Savings Accounts: | 0.10% APY* |
*APY Effective as of December 01, 2021. See disclosures for tiers and complete details by clicking on the product name above.
There are two basic types of IRAs
Traditional IRA
When you make a deposit (also called a contribution) to a Traditional IRA, you do it from your pre-tax earnings. That means that you can deduct qualified contributions from your taxable income, subject to annual limits*. Once you reach 59½, you can start making withdrawals from your Traditional IRA. Theoretically, you’ll be in a lower tax bracket than you were when you made your contributions, so you’ll pay less tax on the withdrawals.
Roth IRA
Roth contributions are made from post-tax earnings, which means you can’t deduct the contributions from your taxable income*. However, you can withdraw contributions at any time without IRS penalties. The real power of a Roth comes from the fact that the interest can be withdrawn tax-free after age 59½. That can be a significant savings, especially for people who start building their Roth savings early.
Automatic Contributions
The easiest way to start growing your IRA is by making automatic contributions from your paycheck or checking account. It just takes a few minutes to set up, and you’ll be building toward retirement every payday.
To open an IRA or learn more, stop by a branch or call us today at 206.398.5500 (718.952.1741 toll-free).
Disclosure: Aquila Standard is not a tax advisor and does not offer tax advice. Consult a licensed tax advisor regarding deductibility for your unique tax situation.