Contributions to a Roth IRA are made with money that’s already been taxed, allowing you to withdraw funds without having to worry about paying taxes on contributions.
Rates and conditions differ depending on the type of account you choose:
- No minimum balance requirement
- Withdrawal and deposit
- Dividends are paid and compounded monthly
- Typically has a lower interest rate than the Share Certificate option
- Minimum deposit of $500 required
- 12-60 month terms available
- Contribute up to $5,500 per year. Additional $1,000 contribution is allowed for those over 50
- Early withdrawal penalty applies unless you are 591/2 or older
- Unlike a Traditional IRA, a Roth IRA doesn’t require you to begin withdrawing money by a certain age
| Current Rates
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IRS – Roth IRAs
Looking for other options?
Coverdell Education Savings Account
Consult a tax advisor to determine what option is best for you.