Individual Retirement Account (IRA) - 1st Source

It’s Easy To Get Started

You can begin an account with as little as $25 and then make regular contributions that fit your budget. You can make it easier to save by setting up a direct deposit or an automatic transfer of funds from another account.

 

IRA-CDs are a great retirement savings strategy

An IRA-CD  is much like a regular certificate of deposit. You choose the term of your deposit, and the money is guaranteed to grow at the designated interest rate for that term. The growth of that money is tax-deferred and stays in your IRA until you are ready to start withdrawing funds for your retirement. The IRA-CD is also insured up to applicable limits by the Federal Deposit Insurance Corporation (FDIC).

Unsure which IRA option is best for you?

Reach out directly or visit your local branch to talk to one of our experts.

There are three different types of IRAs with different features, benefits and rules.

Traditional IRA

  • Contributions may be tax-deductible in the year they’re made.
  • You save now but pay later. Your money grows tax-free until you begin withdrawing it, at which time you’ll pay taxes on both your contributions and your earnings.
  • Anyone who has an earned income can invest in a Traditional IRA-CD.
  • Consult your tax advisor for more information.

Roth IRA

  • Contributions are taxed, but your withdrawals when you retire are generally tax-free.
  • Anyone who has an earned income can invest in a Roth IRA.
  • Participation in a 401(k) plan isn’t a factor in determining contribution amounts.
  • Consult your tax advisor for more information.

Coverdell Education Savings Account (ESA)

  • Contributions are not tax-deductible.
  • Withdrawals are tax-free when used for a child’s qualified higher education expenses.
  • Consult your tax advisor for more information.