Traditional Individual Retirement Account (IRA)

A traditional IRA is an individual retirement account that features tax-deferred earnings until you begin withdrawing funds.

Traditional IRA certificates of deposit:

$500 minimum deposit to open
Terms ranging from seven days to 120 months
10-day grace period
At the time of renewal, the interest credited to the account becomes part of the principal for the next term
Low annual fee of $5 that covers all accounts under the retirement plan
Distributions without penalty if you are over the age of 59 1/2

Traditional IRA savings account:

Appeals to those who want to save for retirement a little at a time
An initial deposit is required at the time the traditional IRA savings account is established
Low annual fee of $5 that covers all accounts under the retirement plan
Interest paid monthly
24-Voice Phone Banking
Preferred CD rates available by keeping $5,000 or more in combined checking, savings, and money market accounts¹
Ability to view principal and paid interest online when you open a checking, money market, or savings account

Find a Branch

Please visit your nearest Flagstar branch to learn more about IRAs.

You must have earned income to enroll in a Traditional IRA. Your contributions may be tax deductible. Withdrawals from Traditional IRAs before age 59 ½ may be subject to taxes at your current rate, a 10% federal additional tax, and possible state tax. Please consult a tax or legal expert for advice before making contributions, withdrawals or other investment decisions. For Traditional IRA CDs, we may access fees for withdrawals before the maturity date. For Traditional IRA Savings, a $500 deposit is required to open the account. Fees may reduce earnings. Accounts will be FDIC insured up to the maximum amount allowed by law.

¹Excludes promotional rates.