IRAs
Get more out of your hard-earned retirement.
Individual Retirement Accounts are accounts specifically set up to use during retirement by offering significant tax advantages. 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.
IRA Rates
| Term | Minimum Deposit | CD APY* | IRA APY* |
|---|---|---|---|
| Term10 Year | Minimum Deposit$2,000 | CD APY*1.50% | IRA APY*1.50% |
| Term7 Year | Minimum Deposit$2,000 | CD APY*1.25% | IRA APY*1.25% |
| Term5 Year | Minimum Deposit$2,000 | CD APY*1.00% | IRA APY*1.00% |
| Term4 Year | Minimum Deposit$2,000 | CD APY*0.40% | IRA APY*0.40% |
| Term3 Year | Minimum Deposit$2,000 | CD APY*0.35% | IRA APY*0.35% |
| Term30 Month | Minimum Deposit$2,000 | CD APY*0.65% | IRA APY*0.65% |
| Term24 Month | Minimum Deposit$2,000 | CD APY*0.30% | IRA APY*0.30% |
| Term19 Month | Minimum Deposit$10,000 ^ | CD APY*1.00% | IRA APY*1.00% |
| Term18 Month | Minimum Deposit$2,000 | CD APY*0.30% | IRA APY*0.30% |
| Term12 Month | Minimum Deposit$2,000 | CD APY*0.25% | IRA APY*0.25% |
| Term9 Month | Minimum Deposit$2,000 | CD APY*0.20% | IRA APY*0.20% |
| Term6 Month | Minimum Deposit$2,000 | CD APY*0.20% | IRA APY*0.20% |
| Term3 Month | Minimum Deposit$2,000 | CD APY*0.10% | IRA APY*0.10% |
* Rates accurate as of 6/21/2022. 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.
^ 19 month CD requires $10,000 in new funds not currently on deposit at Brentwood Bank during the previous 30 days.