IRA savings options
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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Compare IRAs
Best for:
Best for:
Tax implications2
Tax implications2
Age eligibility
(2023 and 2024 contributions)Age eligibility
(2023 and 2024 contributions)Max. regular contributions (2024)
Max. regular contributions (2024)
Catch-up contribution limit (2024)
Catch-up contribution limit (2024)
Income limitations3
(2024 tax year)Income limitations3
(2024 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
(2023 and 2024 contributions)None
Max. regular contributions (2024)
$7,000 Combined limit for Traditional and Roth
Catch-up contribution limit (2024)
$1,000 for those over age 50 at year-end
Income limitations3
(2024 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 Regular contributions may be withdrawn tax and IRS penalty free.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
(2023 and 2024 contributions)None
Max. regular contributions (2024)
$7,000 Combined limit for Traditional and Roth
Catch-up contribution limit (2024)
$1,000 for those over age 50 at year-end
Income limitations3
(2024 tax year)Contribution phase-out ranges:
Single and Head of Household
$146,000 - $161,000
Married, filing jointly
$230,000 - $240,000Contribution deadline
Tax deadline for year to which contribution applies
Rates
Type | Interest rate | Annual percentage yield1 | Minimum balance |
|---|---|---|---|
Rates Effective: 10-09-2024 * Rate and annual percentage yield also apply to Teachers Deposit Fund (TDF). 1 Annual percentage yield subject to change. | |||
Type | Interest rate 0.10% | Annual percentage yield1 0.10% | Minimum balance $5 |
Type | Interest rate 0.15% | Annual percentage yield1 0.15% | Minimum balance $0 |
CD term1 | Amount | Interest rate | Annual percentage yield2 | Interest rate with OnPoint Rewards3 | APY with OnPoint Rewards3 |
|---|---|---|---|---|---|
Rates Effective: 10-09-2024 Learn more about traditional & Roth IRA certificates of deposit1 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 OnPoint Rewards rate. Please see an OnPoint representative for more information or click here. 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. Booster Rate applies to Certificate of Deposits opened prior to May 1, 2023. | |||||
CD term1 3 months | Amount $1,000 | Interest rate 1.54% | Annual percentage yield2 1.55% | Interest rate with OnPoint Rewards3 1.79% | APY with OnPoint Rewards3 1.80% |
CD term1 6 months | Amount $1,000 | Interest rate 1.79% | Annual percentage yield2 1.80% | Interest rate with OnPoint Rewards3 2.04% | APY with OnPoint Rewards3 2.06% |
CD term1 12 months | Amount $1,000 | Interest rate 2.28% | Annual percentage yield2 2.30% | Interest rate with OnPoint Rewards3 2.53% | APY with OnPoint Rewards3 2.56% |
CD term1 18 months | Amount $1,000 | Interest rate 2.33% | Annual percentage yield2 2.36% | Interest rate with OnPoint Rewards3 2.58% | APY with OnPoint Rewards3 2.61% |
CD term1 24 months | Amount $1,000 | Interest rate 2.38% | Annual percentage yield2 2.41% | Interest rate with OnPoint Rewards3 2.63% | APY with OnPoint Rewards3 2.66% |
CD term1 36 months | Amount $1,000 | Interest rate 2.42% | Annual percentage yield2 2.45% | Interest rate with OnPoint Rewards3 2.67% | APY with OnPoint Rewards3 2.70% |
CD term1 48 months | Amount $1,000 | Interest rate 2.47% | Annual percentage yield2 2.50% | Interest rate with OnPoint Rewards3 2.72% | APY with OnPoint Rewards3 2.75% |
CD term1 60 months | Amount $1,000+ | Interest rate 2.52% | Annual percentage yield2 2.55% | Interest rate with OnPoint Rewards3 2.77% | APY with OnPoint Rewards3 2.81% |
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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.
IRA savings accounts FAQs
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.
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Find a nearby location or ATMDisclosures
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.
