Individual Retirement Accounts

It's never too early or too late to invest in your future!
  • Long-term savings with steady, tax-deferred1 investment growth
  • Choose the type of retirement or educational savings account that's right for you
  • Multiple investment options
  • FDIC-insured with competitive rates
Open Account: Individual Retirement Accounts View Rates: Individual Retirement Accounts
  • Contributions are typically tax-deductible2
  • Distributions (withdrawals) are taxed1
  • Withdrawal Penalty - 10% IRS penalty for withdrawals prior to age 59½4
  • Mandatory Withdrawals - Required Minimum Distribution [RMD] after age 70½
  • Maximum Contribution Limits3
Age Maximum (per year)
Up to 49 $6,000
50 - 70½ $7,000
Over 70½ Not allowed
  • Contributions are not tax-deductible
  • Distributions (withdrawals) are not taxed1
  • Withdrawal Penalties & Limitations - 10% IRS penalty for withdrawals of earnings prior to age 59½4; Contributions can be withdrawn anytime
  • Mandatory Withdrawals - None (until death of owner)
  • Maximum Contribution Limits3
Age Maximum (per year)
Up to 49 $6,000
50 and over $7,000
  • Contributions are not tax-deductible
  • Distributions (withdrawals) are not taxed1
  • Maximum Contribution Limits3  - $2,000 per beneficiary (per year)
  • Withdrawal Penalties & Limitations - Must be used for qualified education expenses5
  • Mandatory Withdrawals - Must be distributed by age 30
Investment Options for IRAs and Coverdell Education Savings Accounts
Account Type Performance IRA MMA Plus IRA MMA IRA CD IRA Step-Up CD
Minimum Deposit $250 $25,000 $1,000 for Standard
$50,000 for Jumbo
$1,000 for Standard
$50,000 for Jumbo
Transaction Limitations Six (6) withdrawals per month/cycle6 Six (6) withdrawals per month/cycle6 Only withdrawals of interest credited and IRA required minimum distributions [RMD] are allowed prior to maturity date. Only withdrawals of interest credited and IRA required minimum distributions [RMD] are allowed prior to maturity date.
Monthly Fee7 None $10
(waived if $10,000 average daily balance is maintained)
None None
Interest Rate Up to 0.11% APY* Up to 0.20% APY* Up to 0.65% APY* Up to 0.55% APY*
Disclosures:

1 Consult your tax advisor for more information. Visit www.irs.gov for additional information.

2 Contributions may be deductible, depending on tax-filing and active-participant statuses, as well as income amount.

3 Contribution limits for current year. Contribution limit applies across all traditional and ROTH IRAs owned by an individual (not per account).

4 Hardship exceptions are available, as defined by the IRS. For IRA CDs Only: Additional penalties may apply for early withdrawals from IRA CDs. Early withdrawal penalties do NOT apply to RMD withdrawals from traditional IRA CDs. For IRA MMA Only: Federal law limits six (6) withdrawals per statement cycle. For transactions exceeding federal requirements, excessive withdrawal fees may apply according to current fee schedule.

5 Distributions must be used for qualified education expenses, as defined by the IRS.

6 Savings and Money Market Accounts [MMA] are limited to six (6) withdrawals per statement cycle. For transactions exceeding this limit, excessive withdrawal fees may apply according to current fee schedule.

7 See Deposit Fee Schedule for detailed fee information.

Farm Bureau Bank deposit accounts are FDIC-insured up to $250,000 per depositor.

Fees could reduce earnings on deposit accounts.

The Annual Percentage Yield [APY] quoted by the bank assumes interest remains on deposit until maturity (if applicable). For deposit accounts, interest is compounded daily and paid monthly. Withdrawals prior to maturity will reduce earnings. The interest rate paid on new CD accounts will be equal to the greater of (1) the interest rate that is in effect on the date a mailed application is postmarked or, (2) the interest rate that is in effect on the date the funds are received by the bank.