Traditional and Roth IRAs from Principal Bank® offer the features and tax advantages IRAs are known for, with the added security of FDIC insurance up to $250,000 per depositor. Principal Bank also offers the option for full FDIC insurance on IRAs with balances over $250,000.
Traditional IRA earnings grow tax-deferred until withdrawal, and certain contributions may be tax-deductible. To contribute to a traditional IRA, you or a spouse must earn income in the year the contribution is made. The annual contribution limit is $6,000 ($7,000 if you’re 50+).
Roth IRAs offer tax-free withdrawals after a five-year holding period, with the same contribution limits as a traditional IRA. Your modified adjusted gross income (MAGI) can’t exceed certain limits in the year the contribution is made.
Choose how you invest
Principal Bank offers two types of IRA options for investing your retirement savings:
Qualified Certificates of Deposit (CDs) give you stable, long-term savings.2
- Minimum opening deposit of $1,000
- Terms available from 12-60 months
Money Market IRAs give you higher yields on higher balances.
- Minimum opening deposit of $1,000
- Additional contributions allowed
- Tiered interest rates compounded and credited quarterly
- Checks available for customers over age 59½ (traditional IRAs only)
- Six withdrawals allowed per month
See current Principal Bank IRA interest rates
Get started
Getting started with a Principal IRA is easy. Select the option that works best for you:
- Want to handle things online? Open your IRA in just a few steps and choose from a set of investment options.
- Looking for more investment options, or some extra help? Call us at 800-247-8000, ext. 2251, to speak with a financial professional.
- Prefer to meet with a financial professional face to face? Let us connect you with one in your area.