photoIndividual Retirement Accounts

Start planning for your retirement today! We offer a wide range of rates and terms to meet your retirement goals!

Frequently Asked Questions

What do I need to open up an IRA account?
The bank will need your basic information, such as: Social Security number, Primary and Secondary ID and a minimum opening deposit.

What is a Primary ID?
All primary documents must include all of the following characteristics to be considered an acceptable primary identification document:

  • Unexpired status with issue date of more than 30 days preceding date of account opening
  • Photograph clearly identifying the person presenting the identification document
  • Name
  • Physical Address of Residence
  • Date of Birth
  • Document Identification Number

Examples: Driver License, United States Passport, Active or Retired Military ID, Permanent Resident Card

What is a Secondary ID?
The following documents are examples of secondary identification documents for US Persons and Non-US Persons. At least two of the following documents must be presented to provide acceptable identification:

  • Medicare Card / Medicaid Card
  • Veterans Universal Access Identification Card
  • United States Voters Registration Card
  • Original or certified birth certificate issued by a U.S. state, jurisdiction or territory
  • U.S. Citizen Identification Card

How much can I contribute?
The IRS assigns a maximum amount each year. Contact a banker or consult a tax advisor to find out more

My job already has a 401k, I don’t need an IRA
An IRA is great supplement to your current 401k with your employer.  Having an IRA along with a 401K is a great start for retirement.

Where can I open up the account?
Visit us at any location to handle your IRA account needs

Can I open up the account online?
Peoples Bank and Trust Co. is working on providing you with this option but at this time we require all accounts to be opened up at one of our locations

What is a POD?
Payable-on-Death or POD.  Names the beneficiary of your IRA account proceeds at the time of your death. You can add this to any personal account. All we need is the POD Social Security number, Date of Birth and current address.  To find out more please visit with one of our account reps at one of our locations.

How does an IRA work?
The IRA can work for you in lots of ways.  We open the IRA up for you just like a CD and you can pick the term.  It can be a fixed CD with a locked in rate and set amount of money.  With a variable CD you can add to the amount in the CD just like a 401K.

What age am I forced to take a contribution?
59 ½ is the earliest you can take a minimum contribution without being assessed a penalty.

What if I take the money out before 59 ½?
There is no bank fees as long as the CD is matured, but we encourage you to talk to a tax advisor if you are considering early withdrawal to understand the tax penalties associated.

IRA Account

  • The minimum deposit required to open this account is $1000
  • Deposits are not allowed during the term of the IRA
  • Early withdrawal penalties
  • Automatic renewal
  • Interest is credited to the IRA quarterly

*Consult with a tax advisor

All IRA accounts come with:

Mobile App Online Banking with Funds Manager Receive Text Message Alerts For All Account Activity
Balance Insured Up to FDIC Applicable Limits        

For complete information, refer to our Truth in Savings disclosure available at any retail location.