Retirement Accounts at Ultima Bank
Planning for retirement starts with the right savings strategy, and the team at Ultima Bank is here to help. We offer two types of Individual Retirement Accounts (IRAs) designed to provide flexibility and peace of mind as you secure your financial future: Traditional IRAs and Roth IRAs.
Both options come with competitive interest rates, flexible contribution options, and convenient digital tools that let you manage your money quickly and easily. Start planning your retirement today! The sooner you start, the stronger your future will be. Visit your local Ultima Bank branch today to get started.
Find a Location Current Rates
IRA Options
Traditional IRA*
- Tax Advantage: Contributions may be tax-deductible
- Growth: Earnings grow tax-deferred
- Eligibility: Anyone with earned income
- Withdrawals: Taxable upon distribution; early withdrawals (before age 59½) may incur a 10% IRS penalty
Roth IRA*
- Tax Advantage: Contributions made with after-tax dollars
- Growth: Earnings grow tax-free
- Withdrawals: Qualified distributions are tax-free after a 5-year holding period
- Eligibility: Anyone with earned income, regardless of age
- Penalty: Early withdrawals may incur a 10% IRS penalty
*Always consult a tax advisor to determine which IRA is best for your financial situation.
Account Terms and Features
| Feature | Details |
|---|---|
| Statement Delivery | Free: mailed or online |
| Minimum to Open Savings IRA | None |
| Minimum to Open CD IRA | $1,000 |
| 2026 Contribution Limit | $7,500 |
| Catch-Up Contribution (Age 50+) | Additional $1,100 |
| Online Access | Available 24/7 |
- Interest rates and terms vary. Please contact Ultima Bank or see our Rates page for current rates.
- Always consult a tax advisor to determine which IRA is best for your financial situation.