IRA savings options

Save for retirement on your terms.

Whether you're just starting a career or already in retirement, the decisions you make today will help to shape your future.

With a Traditional or even a Roth IRA, the tax benefits may allow your savings to grow more quickly than if they were held in a taxable account. Even if you have an employer-sponsored retirement plan, such as a 401(k), you can still contribute to an IRA each year to further boost your retirement savings. Plus, if you currently don’t have an employer-sponsored retirement plan, an IRA can be an easy way to start saving for your future retirement goals.

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Calculate a plan to reach your retirement goals

Compare IRAs

  • Best for:

    Best for:

  • Tax implications2

    Tax implications2

  • Age eligibility
    (2022 and 2023 contributions)

    Age eligibility
    (2022 and 2023 contributions)

  • Max. regular contributions (2022)

    Max. regular contributions (2022)

  • Max. regular contributions (2023)

    Max. regular contributions (2023)

  • Income limitations3
    (2022 tax year)

    Income limitations3
    (2022 tax year)

  • Income limitations3
    (2023 tax year)

    Income limitations3
    (2023 tax year)

  • Contribution deadline

    Contribution deadline

Traditional IRA1

  • Best for:

    People who expect to retire in a lower tax bracket or if you need to rollover assets from a traditional employer-sponsored plan.

  • Tax implications2

    Tax deferred earnings. Contributions may be tax deductible.

  • Age eligibility
    (2022 and 2023 contributions)

    None

  • Max. regular contributions (2022)

    $6,000; $7,000 for those over age 50 at year-end (Combined limit for Traditional and Roth)

  • Max. regular contributions (2023)

    $6,500; $7,500 for those over age 50 at year-end (Combined limit for Traditional and Roth)

  • Income limitations3
    (2022 tax year)

    None

  • Income limitations3
    (2023 tax year)

    None

  • Contribution deadline

    Tax deadline for year to which contribution applies

Roth IRA1

  • Best for:

    People who anticipate being in a higher tax bracket upon retirement. Contributions are not eligible for a tax deduction, but there are more options for withdrawal.

  • Tax implications2

    Tax deferred earnings. Regular contributions may be withdrawn tax and IRS penalty free. Withdrawals of earnings may be tax free.

  • Age eligibility
    (2022 and 2023 contributions)

    None

  • Max. regular contributions (2022)

    $6,000; $7,000 for those over age 50 at year-end (Combined limit for Traditional and Roth)

  • Max. regular contributions (2023)

    $6,500; $7,500 for those over age 50 at year-end (Combined limit for Traditional and Roth)

  • Income limitations3
    (2022 tax year)

    Contribution phase-out ranges:

    Single and Head of Household
    $129,000 - $144,000
    Married, filing jointly
    $204,000 - $214,000

  • Income limitations3
    (2023 tax year)

    Contribution phase-out ranges:

    Single and Head of Household
    $138,000 - $153,000
    Married, filing jointly
    $218,000 - $228,000

  • Contribution deadline

    Tax deadline for year to which contribution applies

Rates

Regular Savings and IRA Savings
Regular Savings and IRA Savings

Interest rate

Annual percentage yield1

Minimum balance

Rates Effective: 03-18-2024

* Rate and annual percentage yield also apply to Teachers Deposit Fund (TDF).

1 Annual percentage yield subject to change.

Regular savings*

Interest rate

0.10%

Annual percentage yield1

0.10%

Minimum balance

$5

IRA savings

Interest rate

0.15%

Annual percentage yield1

0.15%

Minimum balance

$0

Traditional & Roth IRA Certificates of Deposit
Traditional & Roth IRA Certificates of Deposit

CD term1

Amount

Interest rate

Annual percentage yield2

Interest rate with bundle rewards3

APY with bundle rewards3

Rates Effective: 03-18-2024

Learn more about traditional & Roth IRA certificates of deposit

1 Subsequent deposits can be made on traditional and Roth IRA certificates of deposit.

2 Annual percentage yield subject to change.

3 Additional products and services are required to qualify for the bundle rewards rate. Please see an OnPoint representative for more information or click here.

4 Booster rate certificate of deposit. You may elect to adjust your rate, based on the rate currently offered for this account, once during the original term of the certificate of deposit. Booster rate feature excludes promotional rate offers.

CD term1

3 months

Amount

$1,000

Interest rate

1.54%

Annual percentage yield2

1.55%

Interest rate with bundle rewards3

1.79%

APY with bundle rewards3

1.80%

CD term1

6 months

Amount

$1,000

Interest rate

1.79%

Annual percentage yield2

1.80%

Interest rate with bundle rewards3

2.03%

APY with bundle rewards3

2.05%

CD term1

12 months4

Amount

$1,000

Interest rate

2.28%

Annual percentage yield2

2.30%

Interest rate with bundle rewards3

2.52%

APY with bundle rewards3

2.55%

CD term1

18 months4

Amount

$1,000

Interest rate

2.33%

Annual percentage yield2

2.35%

Interest rate with bundle rewards3

2.57%

APY with bundle rewards3

2.60%

CD term1

24 months4

Amount

$1,000

Interest rate

2.37%

Annual percentage yield2

2.40%

Interest rate with bundle rewards3

2.62%

APY with bundle rewards3

2.65%

CD term1

36 months

Amount

$1,000

Interest rate

2.42%

Annual percentage yield2

2.45%

Interest rate with bundle rewards3

2.67%

APY with bundle rewards3

2.70%

CD term1

48 months

Amount

$1,000

Interest rate

2.47%

Annual percentage yield2

2.50%

Interest rate with bundle rewards3

2.72%

APY with bundle rewards3

2.75%

CD term1

60 months

Amount

$1,000+

Interest rate

2.52%

Annual percentage yield2

2.55%

Interest rate with bundle rewards3

2.77%

APY with bundle rewards3

2.80%

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Let’s make a plan for tomorrow, today.

Planning for your future is important. Thankfully, OnPoint has what it takes to help you craft a comprehensive plan to help you make the most of your financial future.

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IRA savings accounts FAQs

Visit IRA Retirement Central and click on "Manage an Account". Then choose "Contribute to an Existing Account" and complete the requested information.
We offer both Traditional and Roth IRA options.
If you already have an IRA with OnPoint, visit IRA Retirement Central and click on "Manage My Account" and complete the requested information.

If you do not currently have an IRA with OnPoint, visit IRA Retirement Central and click on "Open an IRA" and complete the requested information.
The earlier you can start to save for retirement the better. IRAs are a great way to plan for the future because of the tax benefits available. (See your tax advisor for information on possible tax deductions.) Your savings will grow faster than in a standard, after-tax savings account.
For 2020, an individual can contribute up to $6,000 per year to their Traditional and Roth IRAs combined. Individuals who reached age 50 by December 31 of that same year can contribute an additional $1,000 per year, for a total of $7,000.
For IRA details and to open an IRA or make transactions on an existing IRA, visit OnPoint IRA Retirement Central.

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Disclosures

1 Additional account details may apply.
2 See your tax advisor for information.
3 Please view IRS Publication 590 for more information about income limitations at www.irs.gov or see your tax advisor for more information.

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