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. |
$6,000 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. |
$6,000 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.
* Contribution limits for 2020.
CD IRA Highlights
 FDIC Insured |
 All CD Terms Available |
 Low Initial Deposits |
 IRA Tax Advantages |
Certificates of Deposit |
Balance |
Interest Rate |
Annual Percentage Yield* |
3 Months
Jumbo CD |
0.15% 0.25% |
0.15% 0.25% |
6 Months Jumbo CD |
0.20% 0.30% |
0.20% 0.30% |
1 Year Jumbo CD |
0.31% 0.41% |
0.31% 0.41% |
18 Months Jumbo CD |
0.35% 0.45% |
0.35% 0.45% |
2 Years Jumbo CD |
0.39% 0.49% |
0.39% 0.49% |
3 Years Jumbo CD |
0.44% 0.54% |
0.44% 0.54% |
4 Years Jumbo CD |
0.50% 0.60% |
0.50% 0.60% |
5 Years Jumbo CD |
0.55% 0.65% |
0.55% 0.65% |
Minimum Initial Deposit $1,000, Minimum for Jumbo CDs >= $50,000. CD Rates and Annual Percentage Yields valid for IRAs. |
Certificates of Deposit with Step Up Option |
Balance |
Interest Rate |
Annual Percentage Yield* |
1 Year Jumbo CD |
0.21% 0.31% |
0.21% 0.31% |
18 Months Jumbo CD |
0.25% 0.35% |
0.25% 0.35% |
2 Years Jumbo CD |
0.29% 0.39% |
0.29% 0.39% |
3 Years Jumbo CD |
0.34% 0.44% |
0.34% 0.44% |
4 Years Jumbo CD |
0.40% 0.50% |
0.40% 0.50% |
5 Years Jumbo CD |
0.45% 0.55% |
0.45% 0.55% |
Minimum Initial Deposit $1,000 |
Money Market IRAs Rates
Balance |
Interest Rate |
Annual Percentage Yield* |
less than $2,500
with E-Option |
0.01% 0.01% |
0.01% 0.01% |
$2,500 - $24,999
with E-Option |
0.03% 0.03% |
0.03% 0.03% |
$25,000 - $49,999
with E-Option |
0.05% 0.08% |
0.05% 0.08% |
$50,000 and up
with E-Option |
0.08% 0.11% |
0.08% 0.11% |
Minimum Initial Deposit $250 |
*Annual Percentage Yield. Interest Rates and Yields shown are effective as of 07/29/2022. 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
|
Earn up to .11% APY*
$250 Minimum Deposit
6 Withdrawals Per Cycle
FDIC Insured
$0 Monthly Fee
|
Earn up to 0.20% 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 07/29/2022. 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