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IRA Accounts

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Opening an IRA with Start Bank is a smart way to save for retirement. We offer Traditional and Roth IRAs in the form of fixed rate certificates of deposit.

What is an IRA?

IRA stands for Individual Retirement account. Some people think that an IRA is an investment, but it is really the basket into which you place your savings for retirement. The IRA basket can hold stocks, bonds, mutual funds and other assets. Here at Start Bank IRAs are deposit accounts. Most people invest for their retirement by choosing to purchase our IRA CDs – certificates of deposit. Our CDs can be used for both traditional and Roth IRAs.

Why should I have a Start Bank IRA CD?

Some people are not comfortable with watching the returns on their investments change all the time. When you choose a Start Community Bank traditional IRA CD, your interest rate of return is locked in. You can choose terms ranging from 6 months all the way to five years. The longer you commit to leaving your money on deposit in the CD, the higher the interest rate. (Now, be aware that there may be bank fees charged if you withdraw your money early from any CD, so we work with you to make sure you are comfortable with your time line for investment.)

Security: it is a safe investment, insured by the FDIC up to $250,000, and it has a guaranteed interest rate.

Tax savings: if you qualify, you grow your investment and defer any taxes you might have to pay. For the best advice, please consult with your tax advisor, or read IRS Publication 590 for the full IRA guidelines.

Stability: In the current conditions of investment values that go up and down all the time, get stable earnings you can count on.

Flexibility: with an opening deposit as low as $500, and terms to fit almost any need, you can choose the IRA CD that’s exactly right for you.

To see our most current rates on IRA CDs, visit our Rates page.

Visit the IRS site to learn more about Individual Retirement Accounts and to get the most current information on annual contributions.

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299 Whalley Avenue, New Haven, CT 06511
p. 203.285.6490