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IRA - Individual Retirement Accounts

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


Money Market IRA Rates

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Looking for other savings options?

               CD - Certificate of DepositMoney 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

Product offerings and features may differ among geographic locations. With your ZIP code, we can make sure you see accurate information. To change the location, click on the zip code above.

5 Star RatingPeoples Bank is rated 5-Stars by Bauer
Rating as of October 2023