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. They have an annual contribution limit of $5,500 ($6,500 if you’re 50+).
- You must be under age 70½ for the entire year in which the contribution is made.
- You or a spouse must have earned income in the year the contribution is made.
Roth IRAs offer tax-free withdrawals after a five-year holding period, with the same contribution limits as a Traditional IRA and no maximum age restriction.
- You or a spouse must have earned income in the year the contribution is made.
- Your modified adjusted gross income (MAGI) cannot exceed certain limits in the year the contribution is made.
Call us at 800-672-3343 to open an IRA or convert a Principal Bank Safe Harbor or Plan Term IRA.
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*.
- Minimum opening deposit of $2,500
- Terms available from 3-72 months
- Change-A-Rate CDs available
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