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Benefits of an IRA CD

Mel Barnes, SVP – Chief Operations Officer

When most people think of IRA accounts, they think of money invested in stocks and bonds. And, while offsetting your immediate tax burden may be attractive, as you get older, the riskiness of the market is less appealing.

With an IRA from Oklahoma State Bank, you can get the best of both worlds—the potential to offset your immediate tax burden while also investing in a Certificate of Deposit. With a CD through OSB, your funds are insured by FDIC up to $250,000. You can also earn a great rate without worrying about stock market fluctuations.

When to consider an IRA CD:

  • If you are close to retirement or very risk adverse
  • You like the idea of avoiding fees associated with stock trades
  • Once you are in a CD, there are no fees unless you decide to withdraw before the CD matures
  • You need to balance out a riskier investment portfolio with a less risky investment, like a CD

While CDs are fixed terms, you can diversify your investment by building a CD ladder, which is purchasing CDs with different term lengths. This allows you to earn varying rates of return and also have access to your money over time.

OSB offers 12- and 24-month CDs with rates as high as 2.29% APY.* You have until Tax Day (April 17) to contribute to an IRA for the prior year and reduce your immediate tax burden.** So, don’t delay! Call a Customer Care Agent at 405-260-2265 to learn more about opening an IRA CD today.
 

*APY = Annual Percentage Yield. Rates and promotional offers are subject to change or cancellation at any time. A penalty may be charged for early withdrawal that could reduce earnings. Yield as of 4/1/18. Minimum deposit $1,000. Other restrictions may apply.     

 **Please talk to your tax advisor about deductions, limits on annual contributions and other tax situations.

 


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