Individual Retirement Account (IRA)

An Individual Retirement Account (IRA) is one of the wisest investments you can make for your future.  At Peoples Bank, your investment earns even more with no annual fees or set up costs.  Peoples Bank offers competitive rates, making your retirement savings grow more than a comparable taxable investment - and a wide variety of terms are available. Peoples Bank offers Traditional IRA and Roth IRA accounts through our No-Fee Certificate of Deposit IRA and our Money Market IRA.

No-Fee Peoples IRA Certificate of Deposit

  • Minimum opening deposit of $100
  • Competitive fixed rates for the term of the CD
  • Terms from six-60 months
  • No annual fees
  • No set up fees/costs

No-Fee Peoples IRA Money Market

  • Minimum opening deposit of $100
  • Rates are tiered depending on balance
  • No annual fees
  • No set up fees/costs
The following limits are effective for 2016 and 2017 contributions:
 
Year Maximum Regular Contribution Limit Maximum Catch-up Contribution Limit
2016/2017 $5,500 $1,000
Traditional IRA: The Traditional IRA offers a great way to save for retirement and has tax advantages.
  • Depending on your circumstances, contributions to a traditional IRA may be fully or partially deductible
  • Earnings and gains are generally not taxed until they are distributed
  • Minimum distribution or withdrawal requirements begin at 70 ½
  • Must be 18 years or older and have earned income
 
Roth IRA: The Roth IRA is a great way to save for retirement with after-tax dollars.
  • Contributions to a Roth IRA are not tax deductible
  • Earnings and gains are not subject to income tax (certain requirements apply)
  • No minimum distribution or withdrawal age requirements
  • There are income limits to enroll in a Roth IRA Account
  • Must be 18 years or older and have earned income
  • Contributions can be made to a Roth IRA after 70 1/2 if you have earned income

CD IRA Rates

   

Money Market IRA Rates

     
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Looking for other savings options?

               CD - Certificate of DepositMoney MarketMoney MarketHealth Savings Account (HSA)

Before making a decision or taking any action, you should consult a tax adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided "as is," and without warranty of any kind, express or implied. Member FDIC. The minimum balance must be maintained each day to obtain the disclosed annual percentage yield (APY). You earn interest every day during the period that your account equals or exceed the minimum daily balance requirement. Deposits and withdrawals are allowed on an IRA Account, some restrictions apply. The Internal Revenue Service may impose limitations and/or penalties to IRAs. Early withdrawal penalties may apply if you are under 59 1/2.

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This information is for your ZIP Code of 49048


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Compare Personal Savings Accounts

  Personal Savings » Personal Premium Savings » Certificates of Deposit » Money Market » Health Savings Account »
Minimum Balance $300 $25,000 Varies from $500 to $10,000 $1,000 None
Monthly Fee (if below minimum) $3 $15 $0 $10 $3 applies regardless of balance
Minimum Balance to Open $100 $100 Varies $100 $100 to open
Penalty for Early Withdrawals No No May apply No No
Interest Rate Details » *Tiered rates pay higher Annual Percentage Yield on higher balances. Details » Fixed and variable rates available and are tiered based on balance. Details » *Tiered rates pay higher Annual Percentage Yield on higher balances. Details » Variable tiered rates pay higher Annual Percentage Yield on higher balances. Details »
Ability to Write Checks No No No Yes Yes
Well Suited to These Savings Goals Children's savings accounts, balances less than $25,000. Saving with the option to withdraw without penalty. Balances greater than $25,000. Saving with the option to withdraw without penalty. Longer-term savings goals with no anticipated need to withdraw during CD's term. Earn a competitive interest rate while retaining immediate access to your funds. Pair this account with a high-deductible health plan (HDHP).

Refer to our Miscellaneous Fee Schedule for complete details and fee information.