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Individual Retirement Account (IRA)

We have all heard the sooner you start saving for retirement the better off you'll be - and it's never too late to start your nest egg! With a variety of plans to choose from, and no annual fee, an MBT IRA will help make sure your retirement dreams come true. 

It’s never too early to start saving. Along with Social Security and 401(k)s, IRA’s should be part of your retirement plan. MBT IRAs offer high yield, tax-deferred earnings for your retirement and are available with fixed or variable rate CD accounts, with interest compounded daily and credited to the certificate account monthly. Plus, with IRAs, you may be eligible for other tax savings.

Features and Benefits 

  • MBT offers a variety of IRA options, including Simple IRAs, Traditional, Roth, Simplified Employee Pension IRAs (SEP),  and Educational IRAs.
  • High yield, tax-deferred earnings are perfect for saving for your retirement.
  • Enjoy potential tax advantages for as long as your money stays in your IRA (Consult your tax advisor for details).
  • Competitive rate of interest.
  • MBT helps you manage investments and assists you with all the legal requirements.
  • When you are ready to "rollover" IRA funds, we can help you with knowledgeable and personal service.
  • No minimum deposit to open.

Current Rates

IRA
Type Min. to Open Rate APY
18 Month Fixed $0.00 0.20% 0.20%
18 Month Variable $0.00 0.10% 0.10%
36 Month Fixed $0.00 0.40% 0.40%
36 Month Variable $0.00 0.25% 0.25%
48 Month Fixed $0.00 0.60% 0.60%
60 Month Fixed $0.00 1.00% 1.01%
30 Month Roth Fixed $0.00 0.25% 0.25%
30 Month Roth Variable $0.00 0.10% 0.10%
48 Month Roth Fixed $0.00 0.60% 0.60%
60 Month Roth Fixed $0.00 1.00% 1.01%
18 Month Education Fixed $0.00 0.20% 0.20%
18 Month Education Variable $0.00 0.10% 0.10%
36 Month Education Fixed $0.00 0.40% 0.40%
36 Month Educational Variable $0.00 0.25% 0.25%
48 Month Education Fixed $0.00 0.60% 0.60%
9 Month Fixed $0.00 0.15% 0.15%
9 Month Roth Fixed $0.00 0.15% 0.15%
APY = Annual Percentage Yield. Rates current as of April 1, 2014. Rates displayed above may change at any time and without advance notice. A penalty will be imposed for early withdrawal. It is the reader’s responsibility to verify rates with an MBT branch. All products and services are subject to Bank approval. There may be additional IRS penalties for early withdrawal from an IRA account. Consult your tax advisor.

 

Contribution Limits

Tax Year Contribution Limit Age 50+ Contribution Limit
2005 $4,000 $4,500
2006 - 2007 $4,000 $5,000
2008 - 2012 $5,000 $6,000
2013 $5,500 $6,500

Please consult your tax advisor for details. 

Click here for in-depth guidelines for IRA's from www.IRS.gov. 

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