Individual Retirement Accounts (IRA) Features & Benefits

Put money away for your vested future that will grow slowly over time.

  • Tiered APY rates
  • Low minimum balance to open
  • Compounded and paid quarterly
  • Safe and low-risk investment option

IRA Rates

Savings Rates as of January 1, 2020. Rates are subject to change.

Product Name Minimum Balance APY*
IRA Savings Account up to $24,999.99 0.30%
IRA Savings Account $25,000 - $99,999.99 0.40%
IRA Savings Account $100,000 or more 0.60%

Traditional, Roth, IRA Certificates

Deposit $500 - $29,999.99 $30,000 - $69,999.99 $70,000 - $124,999.99 $125,000+
Term APY* APY* APY* APY*
6 Month Certificate 0.10% 0.15% 0.20% 0.25%
12 Month Certificate 0.15% 0.25% 0.30% 0.35%
24 Month Certificate 0.25% 0.30% 0.40%td> 0.50%
36 Month Certificate 0.40% 0.50% 0.60% 0.70%
48 Month Certificate 0.45% 0.55% 0.70% 0.80%
60 Month Certificate 0.60% 0.70% 0.80% 0.90%
84 Month Certificate 0.65% 0.75% 0.85% 0.95%
120 Month Certificate 0.75% 0.85% 0.95% 1.00%

 

Individual Retirement Account Calculator

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Individual Retirement Account FAQ

Q: Are there tax benefits to saving in an IRA?

A: Contributions to your Traditional IRA account may offer some tax savings and deductibles based on your age, the amount deposited, and the timing of the deposited funds.

Q: What’s the difference between a Roth IRA and a Traditional IRA?

A: Traditional IRA accounts are tax-deferred, meaning that taxes are taken from your money after they are withdrawn from the account. In contrast, a Roth IRA uses previously taxed funds to finance your account, making them tax-free upon withdrawal.

There are advantages to Roth Individual Retirement Account Savings and Certificates:

  • Tax-free withdrawals at retirement
  • Competitive interest rates
  • Open a Roth IRA at any branch

Q: When can I start withdrawing money from my IRA?

A: You may withdraw funds from your IRA at any age, but bear in mind that there are fines and fees required if you choose to do so before the age of 59½. Once you reach the age of 72, you will be required to withdraw regular sums of money from your account. For more information, please reach out to your Arbor Financial branch.

 

Open Your Account Online

 

*Annual Percentage Yields (APYs) earned on certificates are calculated by the actual daily balance method and are paid and compounded monthly. Minimum balance of $500 is required. Early withdrawal penalties apply and will reduce earnings. Rates and offers subject to change at any time without notice.
**During a CD rate boost promotional offer, CDs receive the boosted rate if at least $25,000 of the certificate amount is not currently on deposit with Arbor Financial Credit Union, and the higher rate will be paid on the full certificate balance. Offer subject to change. Federally insured by the NCUA.

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