Roth IRA Term Deposits

Did someone say tax-free?

Take advantage of the retirement savings solution that allows you to take distributions tax-free, and enjoy contributions at any age as long as you’re earning an income.

Features

Roth IRA Term Deposit features include:

  • Terms ranging from 6 months – 5 years
  • Contributions may be made at any age, up to the annual contribution limits, providing you have earned income
  • Earnings can be tax free
  • $500 minimum balance to open
  • $10 minimum balance to earn interest
  • $12 annual fee
  • Early withdrawal penalty*

Withdrawals

  • Qualified distributions may be tax and penalty free
  • To be a Qualified Distribution, the ROTH IRA must satisfy the five-year waiting period AND be for one of these events:
    • Age 59 1/2
    • Death
    • Disability
    • First-time homebuyer

Visit the IRS website for more information

*A penalty may be imposed for withdrawals before maturity:

The fee we may impose will equal all interest that could have been earned for the remainder of the term. This could result in the loss of the principal.

If the withdrawal is made within the first six days after the deposit, we will impose a penalty of seven days interest on the amount withdrawn subject to penalty.