IRAs

IRAs

Individual Retirement Accounts (IRAs) are one of the most popular retirement savings programs. Progress Bank offers both Traditional and Roth IRAs to help you achieve your retirement savings goals.

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Traditional IRA

  • Tax deductible contributions1
  • Taxes are paid on earnings when withdrawn from the IRA
  • Available to everyone less than 70 ½; no income restrictions
  • Funds withdrawn before age 59 ½ are subject to a 10% IRS penalty (subject to exception) and may be subject to a bank early withdrawal penalty
  • Contributions are limited by taxable compensation for the year

Roth IRA

  • Contributions are not tax deductible1
  • All earnings and principal are 100% tax-free if rules and regulations are followed
  • No mandatory distribution age

1Consult your tax advisor for details.

Account Benefits

  • Guaranteed return on your investment
  • Predictable investment choice
  • Ability to renew your CD at the market rate at renewal
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