Traditional Roth IRA at Investment Savings Bank

Traditional/ROTH IRA – Altoona, PA & Duncansville, PA

from Investment Savings Bank

Uses:

An IRA gives working individuals a simple way to save for retirement with easy access.

Liquidity:

Funds can be withdrawn by individuals 59 1/2 years or older at any time without penalty. Individuals under 59 1/2 years can withdraw without government penalty if all the funds are reinvested in another IRA within 60 days. If the funds are not re-invested, the government imposes a 10% penalty. The bank imposes a penalty for early withdrawal from a certificate prior to maturity. IRS offers some exceptions for early withdrawal.

Benefits:

  • Regular/spousal tax-year contributions are always tax-free and penalty-free when distributed.
  • Conversion Contributions are tax-free and penalty-free if the distribution is a “qualified distribution”.
  • Interest earned on a Roth IRA is tax-free and penalty-free if the distribution is a “qualified distribution”.
  • Supplements Social Security income after retirement.
  • Access to funds at any time. (Individual situations would determine if penalties would be appropriate to distributions).

Availability:

Any person with earned income over the age of 18.

Minimum Investment:

Varies depending on term of Certificate of Deposit chosen by customer. Ranges from $100.00 to $500.00

Maximum Investment:

Any working individual under the age of 50 is eligible to contribute $5,500.00 annually, if their Modified Adjusted Gross Income (MAGI) meets the regulated requirements. Any working individual age 50 or older is eligible to contribute $6,500.00 annually, if their Modified Adjusted Gross Income (MAGI) meets the regulated requirements. No limit on amounts transferred or rolled-over from existing IRA’s or Qualified Retirement Plans. Contribution limits aggregated between Roth & Traditional IRAs.

Insurance:

All funds are insured up to $250,000 per individual by FDIC.

Fixed Individual Retirement Account (IRA) Certificate of Deposit

LENGTH OF TERMMINIMUM BALANCE TO OBTAIN APYINTEREST RATEANNUAL PERCENTAGE YIELDDISCLOSURE
1 Year$500.000.85%0.85%Click
18 Months$500.001.15%1.15%Click
2 Year$500.000.95%0.95%Click
3 Years$500.001.25%1.25%Click
4 Years$500.001.45%1.45%Click
5 Years$500.001.65%1.65%Click

Penalty for Early Withdrawal if under 59 1/2 years old.

*** RATES SUBJECT TO CHANGE AT ANYTIME WITHOUT NOTICE ***

Floating Individual Retirement Account (IRA) / Education Savings (ESA) Certificate of Deposit

LENGTH OF TERMMINIMUM BALANCE TO OBTAIN APYINTEREST RATEANNUAL PERCENTAGE YIELDDISCLOSURE
18 Months$100.00*2.17%*2.19%Click

*The rate may change after the account is opened.

Penalty for Early Withdrawal if under 59 1/2 years old.

*** RATES SUBJECT TO CHANGE AT ANYTIME WITHOUT NOTICE ***

Altoona Office
1201 8th Avenue
Altoona, PA 16602
Phone: (814) 944-0843
Fax: (814) 942-6821
Email: click here

Lobby Hours
MON-FRI: 9am – 4:30pm

Drive Up Hours
MON-THU: 8:30am – 5pm
FRI: 8:30am – 6pm
SAT: 9am – 12pm

Holiday Hours

Duncansville Office
201 Patchway Road
Duncansville, PA 16635
Phone: (814) 695-7551
Fax: (814) 695-1369
Email: click here

Lobby Hours
MON-FRI: 9am – 5pm

Drive Up Hours
MON-THU: 9am – 5pm
FRI: 9am – 6pm
SAT: 9am – 12pm

Holiday Hours

After Hours
To report a lost or stolen debit card
after business hours, please call
1-800-554-8969.

To report a lost or stolen credit card
after business hours, please call
1-800-325-3678.

For credit card balance inquiries
after business hours, please call
1-800-299-9842.

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