Savings IRA Rates

Rates

0.30

%

APY58

On balances $100.00 - $49,999.99

0.60

%

APY58

On balances $50,000.00 and over

Savings IRA Features

    Earn Dividends

    Earn fixed dividends on balances over $100.

    Federally Insured

    Your savings are federally insured up to $250,000.

    No Maintenance Fees

    No setup, monthly, or annual fees.

    Low Opening Deposit

    Start your savings IRA with as little as $25.

    Tax Benefits

    Retirement savings with tax benefits.58

Compare IRAs

Depending on your needs, you can choose to set up your Savings IRA as a Traditional IRA, Roth IRA, or SEP IRA.

Traditional IRARoth IRASEP IRA
DescriptionOur traditional IRA allows you to save for retirement with a guaranteed, fixed rate. Earnings are tax-deferred and your contributions may be tax-deductible.Earnings are guaranteed at a fixed rate and grow tax-free. You pay taxes on your contributions now, but earnings are tax-free upon withdrawal.A SEP IRA is designed for the self-employed investor. Earnings are guaranteed at a fixed rate and tax-deferred.
Ideal IfYou want to reduce your current taxable income, and don’t plan on making withdrawals until retirement, at age 59 ½.You want to reduce your taxable income at retirement, you need more flexibility for withdrawals, or you may work past age 72.You are self-employed, a small business owner, or freelancer who wants to reduce their current taxable income.
Tax AdvantagesYou may be able to reduce your current income taxes now. You don't pay taxes until you make a withdrawal, typically when you are in a lower tax bracket.All earnings grow tax-free, and you don’t pay taxes when you make a withdrawal, typically when you are in a lower tax bracket.You don't pay taxes until you make a withdrawal.
WithdrawalsWithdrawals are taxable income. Withdrawals made before age 59½ could be subject to a 10% penalty.Earnings that have been in the account for 5 years are tax-free if you are at least 59½. Contributions can be withdrawn anytime with no penalty or taxation.Withdrawals are taxable income. Withdrawals made before age 59 1/2 could be subject to a 10% penalty.
Mandatory WithdrawalsIRA owners who attained age 72 on or before December 31, 2022, will continue to be required to take their RMDs for 2022 and 2023 and beyond. IRA owners who attain age 72 in 2023 are not required to their their first RMD until the year in which they attain age 73.NoneIRA owners who attained age 72 on or before December 31, 2022, will continue to be required to take their RMDs for 2022 and 2023 and beyond. IRA owners who attain age 72 in 2023 are not required to their their first RMD until the year in which they attain age 73.
    

Schedule an Appointment

 

To make an appointment with a First Service Wealth Management financial advisor, available through CUSO Financial Services, Inc., give us a call at 713-676-4356 or email us at WealthManagement@FSCU.com.111

 
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