Certificates of Deposit
If you are seeking a bank product that has the advantages of a savings program but offers a higher rate of interest, try an Iowa Trust Certificate of Deposit.
Our Certificates of Deposit offer:
- A guaranteed, competitive, fixed rate of interest and earnings
- A choice of term lengths from 91 days to 3 years
- Security of FDIC insurance coverage to $250,000
Because we offer a variety of term lengths and investment levels, the longer the term or the larger the investment produces a higher rate of return.
Contact one of our customer service representatives for our current CD rates.
*Full disclosure of all Certificate of Deposit requirements, services and funds availability will be made to the customer at the time of opening the account or by request.
Iowa Trust has the right to refuse any deposits.
Individual Retirement Accounts
An Individual Retirement Account allows you to save for retirement by taking advantage of the tax deferred earnings and possibly annual tax deductions. This IRA will help you pay less tax now by using pre-tax dollars to build your retirement account principal. See one of our customer service representatives and have them show you our savings products that can be utilized in your IRA program. Let Iowa Trust build a comfortable, secure future for your retirement years.
*Iowa Trust recommends you consult your Tax Advisor before opening any Retirement Account.
IRA, Roth IRA and SEP Retirement Funds are separately insured to $250,000 by FDIC from any non-retirement funds the depositor may have at Iowa Trust.
| Traditional | Roth | |
|---|---|---|
| Eligibility Age | You can be any age to contribute to a Traditional IRA as long as you have the same amount of earned income to offset your contribution with the maximum dollar limits applying. | You can contribute to a Roth IRA at any age |
| Income | Requires earned income and contributions can be made regardless of your income | Requires earned income and there can be income restrictions for contributions.* |
| Tax Advantages | Funds may grow tax-deferred | Funds may grow tax-free |
| Contributions | May be Tax-Deductible* | Not Tax-Deductible |
| Distributions | Distributions are taxed per your income bracket at the time of distribution. | Distributions can be tax-free and/or penalty-free if the account has been open for at least five years |
| Early Withdrawals | Unless an exception applies, withdrawals before age 59 ½ may be subject to a 10% penalty | Unless an exception applies, non-qualified withdrawals may be subject to taxation of earnings and a 10% additional tax |
| Required Minimum Distributions (RMDs) | RMDs starting at age 73 | No RMDs during lifetime of original owner |
| Maximum Contribution* | In 2024 the contribution limit is $7,000 ($8,000 if you are age 50 or older) or 100% of employment compensation whichever is less. | In 2024 the contribution limit is $7,000 ($8,000 if you are age 50 or older) or 100% of employment compensation whichever is less. |
| Contribution Deadline | Generally, April 15th of the following year for any given tax year | Generally, April 15th of the following year for any given tax year |
*Different factors can limit your maximum contributions and what can be deducted from your taxable income.
This chart is for informational purposes only and Iowa Trust Bank is not responsible for any errors and omissions. The information is subject to change without notice and should not be construed as a recommendation or investment advice. Please consult your tax or legal consultant for questions concerning your personal tax or financial situation.