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IRA Savings Account
| MINIMUM DEPOSIT TO OPEN | INTEREST EARNED | FEEs |
|---|---|---|
$50 |
Yes |
Yes, unless minimum account balances are met. |
Overview
A savings account offered by CIBC Bank USA that earns interest and provides the potential tax advantages of an Individual Retirement Account (IRA) for eligible account holders1.
Key features
Earns a tiered interest rate.
- Available in Traditional, Roth and Rollover IRA
- May provide significant tax advantages1
- No annual or custodial fees
- Low opening deposit requirement
- Ability to make ongoing contributions up to the annual limit permitted by law
Interest earned
Variable interest rate and Annual Percentage Yield (APY).
Interest compounded and credited quarterly.
Interest rate tiers: $.01 to $9,999.99; $10,000 to $24,999.99; $25,000 to $49,999.99; $50,000 and greater.
Fees
$3 fee per quarter if the account balance falls below $250 any day in the statement cycle.