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Individual Retirement Accounts
At Farm Bureau Bank we have the right IRA solution for you. Choose from several options that offer steady growth, tax advantages, and are FDIC-insured.
It's never too early or too late to invest in your future. Open your IRA and start saving today.
Retirement Choices – Different Types for Different Needs
| IRA Options | Features | Contributions | Who benefits? |
|---|---|---|---|
| Traditional IRA | Tax sheltered retirement option that enables you to defer taxes on your earnings until you withdraw them. Contributions may be tax deductible. | $5,500 per year maximum | People who expect to be in a lower tax bracket when they retire. People who are looking for tax deductions and tax-deductible contributions. |
| Roth IRA | Earnings are tax-exempt as opposed to up front deductions, allowing principal to build up quickly. Withdrawals are tax-free. No mandatory withdrawal rules. |
$5,500 per year maximum | People who are a long way from retiring and expect to be in
the same or higher tax bracket at retirement. People who are expecting to be earning more at retirement. |
| Coverdell Education Savings Account (formerly known as Educational IRA) | Contributions are tax free, but not tax deductible. Designed to help save for educational costs. | $2,000 per year maximum | People interested in saving for a child's education. |
As with all IRAs, Federal withdrawal restrictions apply and a penalty will be imposed if there is an early withdrawal from the account. Consult your tax advisor for more information.
CD IRA Highlights
 FDIC Insured |
 All CD Terms Available |
 Low Initial Deposits |
 IRA Tax Advantages |
| Certificates of Deposit Specials | ||
|---|---|---|
| Product | Interest Rate | Annual Percentage Yield* |
| 14 Month CD | 1.78% | 1.80% |
| 26 Month CD | 1.83% | 1.85% |
| 37 Month CD | 1.88% | 1.90% |
| 45 Month CD | 1.98% | 2.00% |
| 62 Month CD | 2.08% | 2.10% |
| Minimum Initial Deposit $1,000. CD Rates and Annual Percentage Yields valid for IRAs. | ||
Money Market IRAs Rates
*Annual Percentage Yield. Interest Rates and Yields shown are effective as of 09/19/2019. Farm Bureau Bank deposit
accounts are FDIC-insured up to $250,000. Fees could reduce earnings on the account. Interest rates and corresponding APYs may change at the bank's discretion.
As with all IRAs, Federal withdrawal restrictions apply and a penalty will be imposed if there is an early withdrawal from the account. Consult your tax advisor for more information.
Money Market Products Eligible for an IRA
| Performance IRA | Plus IRA |
Plus, enjoy these great Money Market IRA features: FREE FBBmobile App & Mobile Deposit  FREE Banking Center for Online Banking  FREE E-Statements for Easy Tracking  Multiple Contributions Allowed |
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Earn up to .25% APY* $250 Minimum Deposit 6 Withdrawals Per Cycle FDIC Insured $0 Monthly Fee |
Earn up to 1.40% APY* $25,000 Minimum Deposit 6 Withdrawals Per Cycle FDIC Insured $10 Monthly Fee Waived if $10,000 minimum daily balance is maintained |
*Annual Percentage Yield. Interest Rates and Yields shown are effective as of 09/19/2019. Farm Bureau Bank deposit accounts are FDIC-insured up to $250,000. Fees could reduce earnings on the account. Interest rates and corresponding APYs may change at the bank's discretion.
Federal withdrawal restrictions from Money Market Accounts and all IRAs apply. A penalty will be imposed if there is an early withdrawal from the account. Consult your tax advisor for more information.
Excess withdrawals incur a $5 transaction fee. $25 penalty for closures not rolled over into another Farm Bureau Bank IRA. As with all IRAs, Federal withdrawal
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