Start saving for retirement with competitive rates and tax benefits. Choose a Traditional or Roth IRA and grow your wealth with confidence!
SBIC Bank offers deposit IRA accounts, Traditional and Roth IRA certificates of deposit, with competitive fixed rates, terms from 1 to 5 years, and a $1,000 minimum deposit. Unlike brokerage IRAs, SBIC Bank IRA CDs are deposit accounts: your rate is locked in, your returns are predictable, and your funds are FDIC-insured. No market exposure, no investment risk. Just steady, tax-advantaged growth toward retirement.
We offer two options to suit your retirement goals:
Traditional IRA: Contributions may be tax-deductible depending on your income and filing status. Your earnings grow tax-deferred. You pay no taxes on any investment earnings until you withdraw or distribute the money from your account. There is no income limit. *
Roth IRA: Contributions are made with after-tax dollars and are not tax-deductible. However, qualified withdrawals in retirement, including earnings, may be tax-free if certain conditions are met. Income limits apply.*
Compare all SBIC Bank personal savings products: savings accounts, money market, high-yield savings, CDs, and IRAs.
SBIC Bank's full deposit growth products: personal CDs, business CDs, IRA CDs, and high-yield savings options.
IRA planning is an important financial decision. SBIC Bank's branch team is available to answer your questions, walk you through your options, and help you get started.
IRA accounts are opened in branch. Click here to find a branch location.
General questions? Click here to connect with an SBIC Bank representative through our Virtual Branch.
Give us a call or click here to send us a message to get started planning your retirement!
Currently, our IRA accounts require an in-person visit to a branch for setup. This ensures you receive tailored assistance and that your questions about how to start an IRA account are thoroughly answered. Our experts will guide you through the process efficiently.
To open an IRA account with SBIC, visit your nearest branch. Our team will assist you in completing the application, explain the terms, and help you set up your deposit. We offer competitive rates and flexible terms, making our IRA accounts ideal for your retirement savings.
To open an IRA, you need to choose between a Traditional or Roth IRA based on your tax preferences. At SBIC Bank, we guide you through the process step-by-step, helping you understand the requirements and select the account that works for you.
To open an IRA, you need to choose between a Traditional or Roth IRA based on your tax preferences. At SBIC Bank, we guide you through the process step-by-step, helping you understand the requirements and select the account that works for you.
Yes, withdrawing funds early from IRA accounts may result in tax and penalties. However, exceptions apply under certain circumstances. Visit one of our branches for additional information.
At SBIC, we offer fixed-rate IRA accounts. The actual interest and APY differ based on on your chosen term. Rates are designed to provide competitive returns, with options like a 4.00% annual percentage yield (APY) for a 1-year term*. Visit us to discuss the right account for you.
When deciding to start an IRA account, consider your financial goals, current tax situation, and future income expectations. Our team will walk you through the benefits of each IRA product offered by SBIC, so you can select the right IRA account to achieve your retirement objectives.
The IRS sets annual contribution limits for IRA accounts based on your income and age. Associates will clarify these limits when you ask how to start an IRA account, so you can stay compliant.
When deciding how to start an IRA account, understanding the differences between these two types is crucial. Traditional IRAs use pre-tax contributions, offering tax-deferred growth. Roth IRAs use after-tax contributions, allowing tax-free withdrawals if certain conditions are met. Both Traditional and Roth IRAs offer valuable benefits, and the right choice depends on your individual circumstances. Evaluating your current and expected future tax situation, retirement goals, and financial flexibility will guide you in making the right decision for your retirement planning.
Choosing SBIC Bank to open an IRA account means you’ll benefit from personalized service, competitive rates, and decades of banking experience. We prioritize your financial goals and offer a variety of IRA accounts so you can meet your retirement needs flexibly.
Contribution limits and tax treatment are governed by IRS regulations and your individual circumstances. SBIC Bank does not provide tax advice. Consult a qualified tax advisor to determine which IRA type is right for you.
*APY refers to Annual Percentage Yield and assumes interest remains on deposit until maturity. APY is accurate as of 12/03/2024. Rates are fixed for the term of CD. Interest is compounded quarterly and interest is paid at maturity. The account requires a minimum opening deposit based on term and APY and is listed above. Interest begins to accrue on the business day you make your deposit. CD rates are subject to change at any time and are not guaranteed until CD is opened. A penalty may be imposed for early withdrawal. Fees could reduce earnings on the account. For further information about terms and conditions, see the Personal Banking Schedule of Fees and Charges and Terms and Conditions of Your Account, call toll-free 1.877.707.1995 or visit a location near you.
The information contained on this website are for informational purposes only. They are not intended as, and shall not be understood or construed as, financial, legal, and/or tax advice. You should consult your financial, legal or tax advisors before engaging in any transaction.
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