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Choosing an individual retirement account (IRA) can be a smart way to invest in your future. Stop in today to open an IRA, or explore more savings options to fit your goals!
Your contributions may be tax-deductible.1
Only a $100 opening deposit is required, plus there’s no annual fee.
Rest easy with funds insured up to $250,000 by the FDIC.
Set up transfers to or from your Gate City Bank account.
At Gate City Bank, we offer both traditional and Roth IRAs.
If you’re not sure which option may be best for you, just ask one of our experts. We’ll be happy to help!
Looking for stable and predictable growth? With an IRA certificate of deposit (CD), you lock in fixed interest with higher rates than most CDs or money market accounts. Plus, you can choose from flexible terms, ranging from three months to five years.
| Term2 | Interest Rate | Annual Percentage Yield (APY) |
|---|---|---|
| Term23 Month (90 Day) | Interest Rate3.99% | Annual Percentage Yield (APY)4.05% |
| Term26 Month (182 Day) | Interest Rate3.72% | Annual Percentage Yield (APY)3.75% |
| Term21 Year | Interest Rate3.00% | Annual Percentage Yield (APY)3.00% |
| Term22 Year | Interest Rate3.00% | Annual Percentage Yield (APY)3.00% |
| Term23 Year | Interest Rate3.00% | Annual Percentage Yield (APY)3.00% |
| Term24 Year | Interest Rate3.00% | Annual Percentage Yield (APY)3.00% |
| Term25 Year | Interest Rate2.75% | Annual Percentage Yield (APY)2.75% |
| Term2 | Interest Rate | Annual Percentage Yield (APY) |
|---|---|---|
| Term213 Month | Interest Rate3.50% | Annual Percentage Yield (APY)3.50% |
Want easy access to your funds as they grow? Our IRA money market savings offers the potential for better returns with no penalties. Unlike other retirement accounts, you can deposit and withdraw money anytime – with no fees. And with variable rates, your interest rate may go up if the market does!
| Interest Rate | Annual Percentage Yield (APY) | Minimum to Open | Minimum to Earn APY |
|---|---|---|---|
| Interest Rate0.35% | Annual Percentage Yield (APY)0.35% | Minimum to Open$100 | Minimum to Earn APY$500 - $24,999.99 |
| Interest Rate0.35% | Annual Percentage Yield (APY)0.35% | Minimum to Open$100 | Minimum to Earn APY$25,000 - $99,999.99 |
| Interest Rate0.50% | Annual Percentage Yield (APY)0.50% | Minimum to Open$100 | Minimum to Earn APY$100,000 - $249,999.99 |
| Interest Rate1.00% | Annual Percentage Yield (APY)1.00% | Minimum to Open$100 | Minimum to Earn APY$250,000 - $499,999.99 |
| Interest Rate1.99% | Annual Percentage Yield (APY)2.00% | Minimum to Open$100 | Minimum to Earn APY$500,000 - $999,999.99 |
| Interest Rate2.48% | Annual Percentage Yield (APY)2.50% | Minimum to Open$100 | Minimum to Earn APY$1,000,000+ |
The contribution limit for 2025 is $7,000, and contributions for this year can be made up until April 15, 2026. Additionally, individuals who are 50+ years old at the end of this year can make a catch-up contribution up to $1,000. Stop by any location to get started or adjust your contributions!
Absolutely! At Gate City Bank, we make it simple and painless to roll over3 or transfer funds from the following types of retirement plans:
Simply stop by one of our locations if you have any questions.
Contributions for the current tax year can be made anytime within that year. Also, you have until the tax filing deadline to make contributions for the previous tax year (excluding extensions).
With traditional IRAs, there are no contribution restrictions as long as you meet the qualifications. For Roth IRAs, however, contributions are restricted based on gross income.
Roth IRA contributions aren’t tax-deductible, but traditional IRA contributions are deductible if you (and/or your spouse) are not active participants in an employer-sponsored retirement plan. If you do participate in such a plan, your contribution may be partially deductible or not deductible at all.1
For a traditional IRA, you’ll need to take your first distribution by April 1 following the year you turn 73. Subsequent distributions must be taken by December 31 thereafter.
With a Roth IRA, you’re not required to take distributions. Only in the event of your passing must the funds be distributed.
For a Roth IRA, you won’t face a penalty if the five-year holding period is met. And for both Roth and traditional IRAs, you won’t be penalized if you’re:
For other, less-common exceptions, please refer to IRS Publication 590.
No matter what your retirement goals are, we’re here to help you pursue them with the right IRA option for you. Getting started is easy! Find a location today to open your account, and start saving with confidence.
1 Ask your tax consultant about possible benefits and tax advantages.
2 We’re here to tell ya the minimum balance required to open an account is $1,000 for certificates of deposit (CDs) and $100 for individual retirement accounts (IRAs). There is no minimum balance required to earn interest and APY on CDs, but IRA money markets require a minimum balance of $500. Ope, an early withdrawal penalty may apply. Annual contribution limits apply for IRAs.
3 Certain IRS regulations apply to the frequency of rollovers into an IRA. Please consult your tax professional for more information.
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