The Peoples Savings Bank offers several types of IRA accounts.
All IRA contributions can be invested in certificates of deposit with varying maturity dates. IRA's at Peoples feature premium rates and some allow additional deposits during the term of the account.
The Traditional IRA allows individuals under the age of 70½ with earned income to contribute yearly to an IRA account *. Deductions on IRA accounts are based on a customer's adjusted gross income, tax filing status and whether the customer is a participant in an employer maintained benefit plan. IRA owners who have reached the age of 50 may contribute an additional amount to 'catch up' their retirement savings.
The ROTH IRA is a non-deductible IRA that features tax-free withdrawals for certain distributions after a 5-year holding period. There are two requirements to be eligible to contribute to a ROTH IRA. You must have earned income and your adjusted gross income must be within the allowed limits.
The following table reflects the interest rates and annual percentage yields for some of the interest earning accounts at The Peoples Bank. Interest rates and annual percentage yields listed here are accurate as of: March 13, 2017.
The Peoples Savings Bank is a community-based financial institution. We do not normally accept nor retain deposits owned by persons residing outside our normal geographical service area.
|Minimum Opening Deposit||Minimum Balance to Earn||Interest Rate||Annual Percentage Yield|
|6-month IRA Certificate||$500||$500||0.26%||0.26%|
|18-month IRA Certificate||$500||$500||0.51%||0.51%|
|36-month IRA Certificate||$500||$500||1.01%||1.01%|
|6 -10 year IRA Certificate||$500||$500||1.99%||2.01%|
*Federal regulations require a substantial penalty for early withdrawal on all certificates of deposit.
*Rates compounded daily.
*Fees or other conditions could reduce the earnings on the accounts.
*We reserve the right to change rates at any time.
Ready to open an IRA account? Contact one of our IRA specialists at 937.653.1600 or stop by one of our locations.
Important Information Regarding Federal Deposit Insurance Coverage (FDIC)
The FDIC Insurance Coverage has been permanently increased to $250,000 per depositor, per institution. To learn more about the FDIC or to understand more about coverage, visit FDIC Electronic Deposit Insurance Estimator (EDIE).