Consider how an IRA can meet your retirement savings needs. Stop by a branch near you or call 1-866-642-7736 today.
Individual Retirement Accounts (IRAs)
Planning for your golden years is an important part of your financial strategy. Putting away money for your retirement now allows you to enjoy peace of mind later on and can even offer tax advantages. Individual Retirement Accounts (IRAs) are specifically designed to grow your money faster and keep your investment secure.
Mid Penn Bank is proud to offer three types of IRAs, including:
- Traditional IRA – With this account, your taxes are deferred. Distributions are permitted after age 59 ½. Distributions must begin at age 70 ½. Distributions are taxed as income.
- Roth IRA – While contributions are taxed, qualified distributions are permitted at any time (CD penalties may apply). Distributions are typically tax-free.
- Simplified Employee Pension (SEP) IRA – This account allows an employer (typically a small business or self-employed individual) to make retirement plan contributions into a Traditional IRA established in the employee’s name.
- Coverdell Education Savings Account – This account helps families save for their children’s education expenses. Contributions are not tax deductible, but earnings are tax deferred and distributions for qualified education expenses are tax free.
Individual Retirement Account (IRA) Rates
IRA rates effective 2/5/18.
|Term||Interest Rate||APY1||Minimum Balance to
|10 years - Fixed rate||1.50%||1.50%||$500|
|9 years - Fixed rate||1.50%||1.50%||$500|
|8 years - Fixed rate||1.50%||1.50%||$500|
|7 years - Fixed rate||1.50%||1.50%||$500|
|6 years - Fixed rate||1.50%||1.50%||$500|
|5 years - Fixed rate||1.50%||1.50%||$500|
|4 years - Fixed rate||1.05%||1.05%||$500|
|3 years - Fixed rate||1.00%||1.00%||$500|
|2 years - Fixed rate add on2, 3||0.55%||0.55%||$100|
|1 year - Fixed rate||0.35%||0.35%||$500|
1 – Annual Percentage Yield (APY) is based on annual compounding. There is a substantial penalty for early withdrawal of funds on deposit in an IRA. Click here to view early withdrawal penalties.
2 – The 2-Year Fixed Rate IRA has an add-on feature. You can add deposits to this account in amounts of $25 or more at any time.
3 – Minimum balance of $100.
Starting now allows you to save more for retirement. To learn more or to open a SEP, Roth or Traditional IRA, contact us today.
If you’re looking for an Individual Retirement Savings Account in Pennsylvania, Mid Penn Bank offers a number of choices. In addition, our friendly team understands what it’s like to retire in this community and how much you need to set aside to live comfortably. We can develop a personalized strategy to help you plan for the future, or we can help you open your IRA quickly and easily.
Why Save for Retirement?
Even if you have a pension or another source of income, a retirement account ensures you have the money you need to cover your bills, healthcare and other costs. With inflation, your pension and other savings may not go as far as you think. An IRA ensures you have extra money well into the future.
How to Save for Retirement
Mid Penn Bank makes it easy to open an IRA — and to find the IRA that’s right for you. Whether you live in Schuylkill County or Cumberland County, our local experts are here to help you plan for the future.
Visit our Financial Calculators page and check out the calculators for Personal Planning or Retirement.
A tax or legal professional should be contacted for guidance when appropriate.