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Individual Retirement Account (IRA)

If you have earned income, an individual retirement account (IRA) gives you the opportunity to save for retirement and possibly enjoy certain tax benefits.1

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    Individual Retirement Accounts (IRAs) in Wisconsin and Minnesota

    Planning for retirement is essential to achieving long-term financial security, and Forward Bank is here to help you every step of the way. Our Individual Retirement Accounts (IRAs) provide you with two great options to grow your retirement savings: IRA Savings Accounts and IRA Certificates of Deposit (CDs). Our IRAs offer the opportunity for tax-deferred growth and potential tax deductions, depending on your eligibility. Explore your IRA options today and start planning for a financially secure future.

    Features of an IRA savings account:

    There are two types of Individual Retirement Accounts (IRAs): Traditional and Roth. Both offer tax advantages and flexible savings options to help you reach your financial goals.

    • Traditional IRA savings: Contributions may be tax-deductible, allowing your savings to grow tax-deferred until retirement. This option can be a smart choice if you want to reduce your taxable income now and expect to be in a lower tax bracket when you retire.
    • Roth IRA savings: With a Roth IRA, you contribute after-tax dollars, and your withdrawals in retirement are tax-free, provided certain conditions are met. This option is ideal if you expect to be in a higher tax bracket in retirement or want the flexibility of tax-free income later on.

    Both types of IRA Savings Accounts offer you the opportunity for steady growth while preparing for a secure retirement.

    Features of IRA certificates of deposits:

    If you prefer the security of a fixed return, our IRA Certificates of Deposit (CDs) are a great way to lock in competitive rates and watch your savings grow over time. With a range of terms to choose from, you can find the IRA CD that fits your retirement timeline.

    • Guaranteed returns: Lock in a fixed rate for the term of your choice, ensuring your savings grow steadily without the risk of market fluctuations.
    • Flexible terms: Choose from a variety of terms, ranging from short-term (6 months) to long-term (up to 5 years), allowing you to tailor your savings strategy to your retirement plans.
    • Tax advantages: Just like our IRA Savings Accounts, IRA CDs offer tax-deferred growth, and you may be eligible for additional tax benefits depending on your situation.

    IRA Savings & CD Interest Rates

    Effective Date: 1/18/2025

    Intererst rates for Individual Retirement Accounts (IRAs).
    AccountMinimum to OpenInterest RateAPY**Minimum to Earn APY**
    Account9-Month IRA CDMinimum to Open$5,000Interest Rate 4.52APY** 4.60Minimum to Earn APY**$5,000
    Account1 Year IRA CDMinimum to Open $100Interest Rate0.90APY** 0.90Minimum to Earn APY**$100
    Account1 Year IRA CDMinimum to Open $100Interest Rate0.95APY** 0.95Minimum to Earn APY**$10,000
    Account1 Year IRA CDMinimum to Open $100Interest Rate1.00APY**1.00Minimum to Earn APY**$25,000
    Account18 Month IRA CDMinimum to Open $100Interest Rate1.00APY**1.00Minimum to Earn APY**$100
    Account18 Month IRA CDMinimum to Open $100Interest Rate 1.05APY** 1.05Minimum to Earn APY**$10,000
    Account18 Month IRA CDMinimum to Open $100Interest Rate1.10APY**1.10Minimum to Earn APY**$25,000
    Account3 Year IRA CDMinimum to Open $100Interest Rate1.40APY**1.41Minimum to Earn APY**$100
    Account3 Year IRA CDMinimum to Open $100Interest Rate 1.45APY**1.46Minimum to Earn APY**$10,000
    Account3 Year IRA CDMinimum to Open $100Interest Rate1.50APY**1.51Minimum to Earn APY**$25,000
    Account5 Year IRA CDMinimum to Open$500Interest Rate1.90APY** 1.91Minimum to Earn APY**$100
    Account5 Year IRA CDMinimum to Open$500Interest Rate 1.95APY**1.96Minimum to Earn APY**$10,000
    Account5 Year IRA CDMinimum to Open$500Interest Rate2.00APY**2.01Minimum to Earn APY**$25,000
    AccountIRA Savings*Minimum to Open$0Interest Rate0.30APY**0.30Minimum to Earn APY**$0

    These interest rates are subject to change without advance notice.

    APY assumes interest is added to account.

    Term Certificates of Deposit and IRA’s may be subject to early withdrawal penalty.

    **APY=Annual Percentage Yield.*Rates could change after account is opened.

    Learn more about IRAs including contribution limits and types from the IRS website.

    Moving Your Savings Forward

    Saving for your future doesn’t have to be complicated. At Forward Bank, our experts are here to help you explore flexible, competitive IRA Savings Accounts and IRA CDs to achieve a secure retirement.

    Start Your Path to a Secure Retirement

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    Insurance and Investment products are *Not FDIC Insured *No Bank Guarantee *May Lose Value *Not Insured by Any Federal Government Agency *Not a Deposit