Fidelity Federal offers a variety of retirement savings options, whether you’re just getting started with your retirement plans or are looking to roll over funds from another retirement source.
Traditional IRAs have undergone several changes over the years but still offer retirement savings advantages for many people. The ROTH IRA offers individuals additional options for their retirement savings programs, including the potential for tax-free earnings.
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| Account Overview | Basic Savings | 6-Month Certificate of Deposit | 12 Months to 48 Months Certificate |
|---|---|---|---|
Traditional IRAs and ROTH IRAs | A basic savings IRA account is a good place to start saving for retirement | A short-term savings option with the potential for higher yields than a regular savings account | Excellent option for longer-term savings with higher yields than a regular savings account |
Opening Deposit | $25.00 | $250.00 | $250.00 |
Minimum Balance to Earn Interest | $25.00 | $250.00 | $250.00 |
Transaction Limitations | Unlimited in-person deposits (up to maximum allowable contribution limit) | No deposits during the term | No deposits during the term |
Interest Compound Type | Compound daily | Simple | Compound daily |
Grace Days After Maturity | Not applicable | 7 days | 7 days |
**Required Minimum Distribution (RMD)
Have Questions About IRAs?
Please consult the IRS website, your tax advisor, legal counsel and/or your financial advisor for IRA information and to determine whether it’s the right strategy for you.
