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Farm Bureau Bank IRA 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
FDIC
Insured		 All CD Terms Available
All CD Terms
Available		 Low Initial Deposits
Low Initial
Deposits		 IRA Tax Advantages
IRA Tax
Advantages


Certificates of Deposit
Balance Interest Rate Annual Percentage Yield*
3 Months
    Jumbo CD   		 1.29%
1.39%		 1.30%
1.40%
6 Months
   Jumbo CD   		 4.40%
4.50%		 4.50%
4.60%
1 Year
   Jumbo CD   		 4.64%
4.74%		 4.75%
4.85%
18 Months
   Jumbo CD   		 4.07%
4.16%		 4.15%
4.25%
2 Years
   Jumbo CD   		 3.92%
4.02%		 4.00%
4.10%
3 Years
   Jumbo CD   		 3.83%
3.92%		 3.90%
4.00%
4 Years
   Jumbo CD   		 3.63%
3.73%		 3.70%
3.80%
5 Years
   Jumbo CD   		 3.68%
3.78%		 3.75%
3.85%
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   		 4.40%
4.50%		 4.50%
4.60%
18 Months
   Jumbo CD   		 3.83%
3.92%		 3.90%
4.00%
2 Years
   Jumbo CD   		 3.68%
3.78%		 3.75%
3.85%
3 Years
   Jumbo CD   		 3.59%
3.68%		 3.65%
3.75%
4 Years
   Jumbo CD   		 3.39%
3.49%		 3.45%
3.55%
5 Years
   Jumbo CD   		 3.44%
3.54%		 3.50%
3.60%
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 06/30/2023. 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:

FBBmobile App
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
2.50%
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 06/30/2023. 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

 



* Rates disclosed as Annual Percentage Rate (APR) and Annual Percentage Yield (APY). Farm Bureau, FB, and the FB National Logo are registered service marks owned by, and used by Farm Bureau Bank FSB under license from, the American Farm Bureau Federation. Farm Bureau Bank FSB is a service-to-member institution which provides banking services to Farm Bureau members and others in participating states. Services are not available in the following states: IL, KS, MI, MO, NY, OH, and WY.