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Retirement

Start Saving Smarter for Your Retirement

Are you saving enough for your retirement? If not, it’s never too late to develop a strategy that will allow you to save more effectively so you can live the way you want when your working days are done. At Prevail Bank, we offer multiple Individual Retirement Account (IRA) options to allow you to start saving smarter for your retirement. Choose from a Traditional IRA or a Roth IRA.

To learn more about the various benefits of the retirement accounts available to you, please visit your local Prevail Bank office to speak with our team. Or, if you prefer, you can start our online inquiry to open your IRA.

* APY = Annual Percentage Yield

Retirement Account Inquiry

Compare Our IRA Accounts

 Fixed Rate Certificate of Deposit2-Year Variable-Rate Certificate of DepositStrive Savings
Monthly Service Fee

None

None

$5 if balance falls below $100 1

Minimum to Open

$1,000

$1,000

$100

Minimum Balance Required to Obtain APY

$1,000

$1,000

$100

Earns Interest

Yes 3

Yes 2 & 3

Yes 4

Term

6, 12, 18, 24, 36, 48, or 60-month

24-month

N/A

Paper Statements

N/A

N/A

Free

Account Renewal

Automatically renews at maturity 5

Automatically renews at maturity 5

N/A

Check Our RatesView RatesView RatesView Rates

* We use the daily balance method to calculate the interest on your account. Interest begins to accrue on the day you deposit noncash items (i.e., checks). A withdrawal of interest will reduce earnings. [1]  Fees could reduce the earnings on the account. Contact a Prevail Bank representative to see our Fee Schedule for other fees that apply to your account by calling or sending us a message. [2] The interest on this account may change quarterly. [3] Earnings are compounded and paid quarterly and can remain in the CD or transferred to another Prevail Bank deposit account. The APY assumes that interest remains on deposit until maturity. [4] Interest rates and APYs may change at any time. Assumed earnings are credited to the amount and remain on deposit. [5] You will have 10 calendar days after maturity to withdraw funds without penalty. Early withdrawals before CD reaches full maturity may be subject to penalty and reduced earnings. 

 

IRA Options & Limits Available to You

Whether you choose a Traditional or Roth IRA, there are some common features, including:

  • 2020 and 2021 Contribution Limits Under Age 50: $6,000
  • 2020 and 2021 Contribution Limits Over Age 50: $7,000
  • 18-Month CD & IRA CD and 2-Year Variable Rate CD IRA accounts offer you the ability to add $500 or more to your balance at any time during the life of the CD.
Traditional IRA
  • Any contributions are tax-deferred on your principal earnings until they’re withdrawn*
  • Contributions to the account are tax-deductible*
  • You must have earned income to make a contribution
  • Earnings grow tax-deferred*
  • Withdrawal is required at the appropriate IRS age
Roth IRA
  • Contributions are not tax-deductible*
  • Qualified distributions are tax and penalty-free*
  • Earnings grow tax-free*
  • Contributions can be made at any age as long as certain income requirements are met

* Consult your tax advisor. 

Calculate Your Retirement Longevity

If you want to make sure you’re saving enough for retirement, our retirement longevity calculator can give you an idea of what to expect.

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