IRAs
Get more out of your hard-earned retirement.
Individual Retirement Accounts are accounts specifically set up to use during retirement. And the sooner you start, the longer your money has to grow.
Brentwood Bank offers a variety of IRA accounts ranging from traditional IRAs, Roth IRAs, Education IRAs, and SEP IRAs. Each have a specific savings purpose in mind.
Traditional IRA
A traditional IRA allows you to build toward your retirement income. The interest is tax deferred. Your contributions may be tax deductible.
Roth IRA
A Roth IRA allows you to build toward your retirement income. Interest grows tax free. Your contribution can’t be deducted from your taxes.
Education IRA
Looking to save money to help fund qualified higher education expenses for your children or grandchildren? You can invest after-tax dollars while your money grows tax free.
SEP IRA
Simplified Employee Pension Plan IRA can be set up by business owners to provide retirement benefits for the business owners and their employees. SEP IRAs offer you and your employees a tax-favored way to save for retirement. You can make contributions for yourself if you’re self-employed or make contributions on behalf of your employees if you are a sole proprietor or partnership.
Schedule an Appointment
Consult your tax advisor regarding any tax implications.
IRA Rates
| Term | Minimum Deposit | APY* |
|---|---|---|
| Term 10 Year |
Minimum Deposit $2,000 |
APY* 2.00% |
| Term 7 Year |
Minimum Deposit $2,000 |
APY* 2.00% |
| Term 5 Year |
Minimum Deposit $2,000 |
APY* 2.50% |
| Term 4 Year |
Minimum Deposit $2,000 |
APY* 2.10% |
| Term 3 Year |
Minimum Deposit $2,000 |
APY* 2.00% |
| Term 30 Month |
Minimum Deposit $2,000 |
APY* 4.07% |
| Term 24 Month |
Minimum Deposit $2,000 |
APY* 2.02% |
| Term 18 Month |
Minimum Deposit $2,000 |
APY* 1.60% |
| Term 13 Month^ |
Minimum Deposit $10,000 |
APY* 4.85% |
| Term 12 Month |
Minimum Deposit $2,000 |
APY* 1.50% |
| Term 9 Month |
Minimum Deposit $2,000 |
APY* 4.33% |
| Term 6 Month |
Minimum Deposit $2,000 |
APY* 3.56% |
| Term 3 Month |
Minimum Deposit $2,000 |
APY* 0.10% |
* APYs accurate as of 4/15/2024. The minimum required to open this account and receive the APY is $2,000. APY = Annual Percentage Yield. CDs with balance at maturity between $250.00 & $1,999.99 will renew at the comparable PassCard APY; CDs with balance at maturity below $250.00 will renew at 0%. Penalties may be imposed for early withdrawal.
^ Requires $10,000 in new funds not currently on deposit at Brentwood Bank. 13 month CD rate not available for institutional funds.