Benefits
- Contributions may be tax-deductible depending on income and other factors
- Tax-deferred earnings until funds withdrawn
- Not subject to bank trustee fees
- No income limits
- FDIC-insured to legal maximum
Product Details
- Interest compounded daily
- Annual contribution limit of $6,000 or the amount of your taxable compensation (If age 50 or above, $7,000), whichever is less
- Contributions to Roth IRAs count toward annual limit
- Earned income required
- Tax deductibility reduced or eliminated if covered by employer-sponsored retirement plan; this varies based on income
- Contributions up to age 70½, when mandatory minimum withdrawals must begin
- 10% IRS penalty for withdrawals before age 59½
- Can be converted to Roth IRA regardless of income or tax filing status
- Beneficiaries may pay income tax on proceeds upon inheritance
- Set up as Certificate of Deposit, Money Market Savings or Passbook Savings account
- Must be under age 70½ to contribute
- Requires earned income by participant or spouse (if filing a joint tax return) equal to or greater than contribution
Featured Services
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Online and Mobile Banking
Gain access to your accounts, transfer funds, and pay bills quickly and securely from the convenience of your home or mobile device with our online and mobile banking offerings.
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Personal Banking Services
At First Republic, we pride ourselves on providing a high level of client service as standard. For all the classic banking services we offer, your personal banker will work with you to determine the best solution to fit your needs.
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ATM Card and ATM/Debit Card
The First Republic ATM Card and ATM/Debit Card allow you to access your funds worldwide.
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Wire Transfers
Our wire transfer service is designed to enable the quick, safe and reliable transfer of funds between banks.