IRAs
TrailNorth offers a wide range of Individual Retirement Accounts (IRA) to help make your retirement dreams come true
- A $5.00 minimum balance is required for each of our IRA savings accounts
- No monthly fees
- Contributions may be made in "lump sums" or by regular deposits to the IRA Savings throughout the year
- Dividends are paid monthly
- IRA Share Certificates are also available with a minimum deposit of $200 and terms of one year through 10 years.
Traditional IRA
A traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax-deductible in the year they are made.
Roth IRA
The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70½.
Educational IRA
The Educational IRA is an account that features tax-free withdrawals for a child's higher education expenses. Contributions are nondeductible, therefore unlike the Traditional IRA, distributions from an Educational IRA are penalty-free and tax-free. Consult your tax advisor for further information.
IRA Share Certificates
Earn higher dividends with an IRA Share Certificate. IRA Share Certificates are available with a minimum deposit of $200.
Current Rates: Effective July 29, 2015
| Account | Minimum Balance | Dividend Rate | APY |
|---|---|---|---|
| 1 yr to less than 2 yrs | $200.00 | 5.00% | 5.13% |
| 2 yrs to less than 3 yrs | $200.00 | 4.75% | 4.86% |
| 3 yrs to less than 4 yrs | $200.00 | 4.25% | 4.34% |
| 4 yrs to less than 5yrs | $200.00 | 3.75% | 3.82% |
| 5 yrs to less than 10 yrs | $200.00 | 3.25% | 3.30% |
