IRAs – Individual Retirement Accounts

Bank IRAs can offer several advantages as a low-risk investment. Bell State Bank & Trust’s bank IRAs have terms of 1 month to 5 years, with rates corresponding to our regular certificate of deposit (CD) rates. Contributions may be added to our variable rate IRAs at any time, and all our IRA accounts are subject to IRS rules and regulations.

Advantages of a Bank IRA

Congress established IRAs to encourage individuals to save for their own retirement, with several tax advantages. That’s why in most cases you can’t withdraw the money from without penalty until you reach the age of 59 1/2. CD-funded IRAs offer stable investment opportunities, and all Bell State Bank & Trust’s bank IRAs are FDIC insured. Consult your tax advisor to see if one is right for you.

At Bell State Bank & Trust we guarantee…

  • No annual fees, commissions or hidden charges
  • No risk – FDIC insured up to $250,000
  • Tax deferred earnings – so your money grows faster (See your tax advisor)
  • Trade up – after age 59 1/2, you may trade up to a higher rate once a year
  • Your retirement funds stay local

Today’s IRA Rates

Variable Rate IRAs
Type and Term Minimum Balance
(to earn interest)
Interest Rate Annual Percentage Yield (APY) Payment Frequency
IRA Variable Rate Savings $50.00 0.15% 0.15% Monthly

Annual Percentage Yield (APY) is variable and may change monthly.

Today’s CD Rates

Certificates of Deposit and Fixed Rate IRAs
Type and Term Minimum Balance
(to earn interest)
Interest Rate Annual Percentage Yield (APY) Payment Frequency
3 Month (91 Day) $500.00 0.10% 0.10% Maturity
6 Month (182 Day) $500.00 0.15% 0.15% Maturity
1 Year (12 month) $500.00 0.20% 0.20% Maturity
18 Month $500.00 0.35% 0.35% Semiannually
2 Year (24 month) $500.00 0.45% 0.45% Annually
3 Year (36 month) $500.00 0.75% 0.75% Annually
5 Year (60 month) $500.00 1.30% 1.30% Annually
7 Month Special $500.00 0.30% 0.30% Maturity
19 Month Special $500.00 0.50% 0.50% Semiannually***
27 Month Special $500.00 0.55% 0.55% Annually**
10 Month Flexible CD* (Not for IRAs) $2,500.00 ($5,000.00 to open) 0.15% 0.15% Maturity
15 Month Flexible CD* (Not for IRAs) $2,500.00 ($5,000.00 to open) 0.30% 0.30% Annually**
30 Month Flexible CD* (Not for IRAs) $2,500.00 ($5,000.00 to open) 0.55% 0.55% Semiannually

(Penalty for early withdrawal may be imposed)
* Once during the term, you may request to increase the interest rate and annual percentage yield to the current rate and annual percentage yield offered on a Flexible CD of a similar term.
** Interest will be credited annually and at maturity.
*** Interest will be credited semiannually and at maturity.

Types of bank IRAs we offer:

  • Traditional IRAs – The primary benefit is that most investments are pre-tax and grow on a tax-deferred basis. You don’t pay taxes on them until after you begin making withdrawals. You can withdraw assets from your IRA without a 10% early distribution penalty tax any time after you reach age 59 1/2. You can also avoid the early distribution penalty tax before age 59 1/2 if you meet certain exceptions as allowed by the IRS (IRS publication 590). Once you reach age 70 1/2, required minimum distributions must be withdrawn from an IRA annually.
  • Roth IRAs – These are funded by after-tax contributions and grow tax-free. You can take out contributions (but not interest) for any reason without penalty or taxes. In order for earnings to be tax free, you must first meet a 5-year holding period for your Roth IRA, beginning with the tax year for which your first contribution was made. After that, any earnings you withdraw for a qualified distribution reason are income tax and penalty free. Qualified distributions include many life events including reaching retirement age 59 1/2 (IRS publication 590). No minimum annual withdrawals are required at any age.
  • SEP IRAs – Simplified Employee Pension IRAs (SEP IRAs) are available for funding by business owners in order to provide retirement benefits for both business owners and employees. Since SEP accounts are treated as IRAs, funds can be invested the same way as any other IRA.
  • CESA – Coverdell Education Savings Accounts (CESAs) are also known as Education IRAs. They allow money to grow tax deferred and allow proceeds to be withdrawn tax-free for qualified education expenses.

Consult your tax advisor to learn more and see if IRAs are right for you.



For more information about IRAs, contact one of our personal bankers.



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