Individual Retirement Accounts (IRAs)
Looking to build a long term retirement savings plan with the benefits that may give you a tax advantage?
Individual Retirement Account (IRAs)
Metropolitan CD IRAs are one of the safest ways to save for retirement, as they are FDIC insured and offer steady returns.
- Up to $6,000 a year tax-deferred contribution for a single person. If age 50 and older, the limit increases to $7,000 per person, for 2021.
- Interest is tax deferred until withdrawn.
- Rollover IRAs shelter lump-sum distributions from employer-sponsored retirement plans.
- Distribution charge – refer to Schedule of Charges.
| Minimum Balance to Open | Monthly Maintenance Charge | Per Item Charge | Minimum Average Daily Balance Requirement to Waive Monthly Maintenance Charge |
|---|---|---|---|
| $1,000 | None | Not Applicable | Not Applicable |
Checking, Savings and Certificates of Deposits at Metropolitan Bank are insured by the Federal Deposit Insurance Corporation, an agency of the United States Government. Each depositor is insured up to $250,000. Coverage of a higher amount is possible by opening accounts using more than one type of ownership or by opening an account under the Bank’s special CDARS program.
Information is effective April 1, 2021 and is subject to change from time to time without notice.