Our offices will be closed on Monday, May 27, 2019 in observance of Memorial Day. Mobile deposits submitted after 7 p.m. today (Friday) until 7 p.m. Tuesday, will have funds available on Wednesday.
Thank you to all those who have served and sacrificed for our country.
Individual Retirement Accounts
Individual Retirement Accounts (IRAs) were developed to give people a tax-advantaged way to save for retirement.
Smart solutions for financing your retirement.
The earnings in a Traditional IRA grow tax-deferred until they are withdrawn. Depending on your income, contributions to Traditional IRAs are tax-deductible1 up to the full amount of the contribution.
If you choose to invest your IRA in a certificate of deposit, you earn a guaranteed interest rate for a fixed term. When your IRA CD matures, you can automatically renew it, or transfer your balance into another retirement account and continue to let it grow.
A Roth IRA is similar to a Traditional IRA in many ways, the key difference is that as your money grows, it grows tax free, and when you withdraw at retirement, you will pay no taxes. Also, the interest earned accumulates tax free.
According to the IRS, you are eligible to contribute to a Spousal IRA if the all the following conditions are met:
- You must be married at the end of the tax year
- Your spouse must be under the age of 70 ½ at the end of the tax year
- You must file a joint return for the tax year
- You must have taxable compensation for the year
- Your spouse must either have no compensation or choose to be treated as having no compensation for the tax year
IRA Money Market Account
Our IRA Money Market Account allows you to begin securely saving for retirement while taking advantage of fluctuating interest rates.
- No term, so money can be transferred at any time
- $10 minimum opening balance
- Contributions can be as low as $10
The purpose of this account is to provide people with a tax-advantaged savings instrument for educational needs. The funds contributed to this account are viewed as a gift to the designated beneficiary under the age of 18. It is extremely important that the funds contributed to this account be coordinated with other educational payment plans.Fulton Bank's IRA Plans
Fulton Bank offers a variety of IRA plans to meet your individual needs. All of our IRAs feature competitive interest rates and some allow you to choose your own term. There is absolutely no fee to open your IRA, and monitoring your IRA accounts is available 24/7 through online and mobile banking. Your savings IRA at Fulton Bank is insured up to $250,000 by the Federal Deposit Insurance Corporation.
For additional IRA tools and resources, visit the IRS website.
Since 1882, Fulton Bank has been a vital part of growth and development in our communities. As part of Fulton Financial Corporation, we offer a broad array of products and services in five states.