IRA Accounts
IRA accounts are available to place money aside for retirement. Northland offers IRA Certificates and IRA Savings accounts.
IRA Accounts can increase via weekly/bi-weekly/monthly payroll transfers, electronic fund transfers, transfers from other institutions, regular deposits, direct deposits, transfers from IRAs, pensions, and retirement checks.
Variable IRA Shares Effective Date: Thursday, November 21st, 2024 Dividends are paid and compounded quarterly.
Type Minimum Balance Rate APY*
Traditional
$0.00
0.60%
0.60%
Roth
$0.00
0.60%
0.60%
Education
$0.00
0.60%
0.60%
*APY = Annual Percentage Yield
Click here for Truth in Savings disclosures.
TRADITIONAL IRA - Contributions may be tax deductible.
- Invest up to $6,000 a year if you are under age 50. If you are age 50 or older, you can contribute up to $7,000 per year.
- Contributions to a Traditional IRA may be fully or partially deductible depending on your income level, and whether or not you are considered an active participant in an employer sponsored plan.
- Contributions from earned income can be made at any age.
- Earnings may be tax deferred until withdrawn.
- Withdrawals before age 591/2 may be made without penalty to help finance a higher education or your first home.
- Choose fixed or variable rate options.
ROTH IRA - Contributions are not tax deductible.
- Invest up to $6,000 a year if you are under age 50. If you are age 50 or older, you can contribute up to $7,000 per year.
- Withdraw interest earned free of any IRS penalties after five years to buy a first home or for any purpose after the age 591/2.
- Contributions from earned income can be made at any age.
- Unlike Traditional IRAs, distributions are not required at age 72.
- Choose fixed or variable rate options.
COVERDELL/EDUCATION IRA - Contributions are not tax deductible.
- Qualified withdrawals may be tax-free.
- Invest up to $2000 per year per child less than 18 years old (not tax deductible).
- Provides a tax-advantaged savings vehicle for educational purposes.
- Withdraw funds tax free and IRS penalty free to finance higher education expenses.
- Transfer any unused funds to another child in your family.
- Choose fixed or variable rate options.
We offer the same great rates for our IRA Certificates:
Regular Certificates Effective Date: Thursday, November 21st, 2024 Dividends are paid and compounded quarterly.
Term Minimum Balance Rate APY*
3 Month
$500.00
0.05%
0.05%
6 Month
$500.00
0.10%
0.10%
9 Month
$500.00
0.10%
0.10%
18 Month
$500.00
0.25%
0.25%
30 Month
$500.00
0.25%
0.25%
3 Year
$500.00
0.35%
0.35%
4 Year
$500.00
0.55%
0.55%
5 Year
$500.00
0.65%
0.65%
PLUS Certificates Effective Date: Thursday, November 21st, 2024 1yr - Rate may be increased once during the term.
2yr - Rate may be increased twice during the term.
Dividends are paid and compounded quarterly.
Term Minimum Balance Rate APY*
1 Year
$500.00
0.20%
0.20%
2 Year
$500.00
0.25%
0.25%
Click here for Truth In Savings disclosures.
Consult Your Tax Adviser
Remember, it's essential to consult your tax adviser to determine if an IRA is suitable for your financial situation.
Notice:
Payments from your IRA are subject to federal and/or state income tax withholding, unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment. Withholding from IRA payments, when combined with other withholding, MAY relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.
To change your withholding election, stop at your local Northland branch or call 989-739-1401 to speak to an IRA representative.