Peoples Bank - Individual Retirement Accounts (IRA)

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 2022 and 2023 contributions:

Year	Maximum Regular Contribution Limit	Maximum Catch-up Contribution Limit
2022	$6,000	$1,000
2023	$6,500	$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 73
Must be 18 years or older and have earned income
Contributions can be made to a Traditional IRA after 73 if you 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 73 if you have earned income

CD IRA Rates

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Money Market IRA Rates

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Looking for other savings options?

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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