Thinking about opening an Individual Retirement Account (IRA)? Read on to learn what a Roth IRA is, how you can open an IRA account and how a Roth IRA differs from a Traditional IRA.
This comprehensive guide will allow you to make an informed decision about how to save more money for retirement.
An IRA is a financial product designed to help individuals save for retirement. Unlike a 401(k), which is typically an employer-sponsored plan, anyone can open an IRA as long as they have an income.
A Roth IRA has the same annual dollar limits and deadline for contributions as a Traditional IRA, but there are some important differences to note:
Understanding what a Roth IRA is and how it differs from the Traditional IRA can help you make the best decisions about your retirement plan. Be sure to consult with a financial or tax advisor before contributing to an IRA.
A Traditional IRA operates under these guidelines:
Synchrony Bank offers a range of savings products, including IRA CDs and IRA Money Market Accounts, with competitive rates+ and low minimum deposit requirements—plus award-winning customer service and 24/7 convenient online.
If you want to save for retirement, and want to know the answer to the question, “What is a Roth IRA,” Synchrony Bank can help.
Call 1-844-345-5789 to learn how you can start saving for retirement today through an IRA account.
Synchrony Bank does not provide tax advice so be sure to contact your tax advisor or financial consultant before opening or contributing to an IRA.
+National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. as of 11/01/2016. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 07/11/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.