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IRA Options

An IRA, or Individual Retirement Account, is a tax-advantaged investment account for individuals to save for retirement. Regions offers a variety of IRA products.

Learn more about IRAs below.

Have a question? 1-800-388-4727 HoursMonday thru Thursday 8am to 4pm Central. Friday 8am to 6pm. Saturday 8am to 12pm. Closed on Sunday. Mon-Fri 7am-5pm Central
Sat, Sun Closed

Types of IRAs

There are generally two types of IRAs, as described below.

Traditional IRA Roth IRA
Tax Benefits Contributions may be tax-deductible
Earnings grow tax-deferred
Withdrawals generally are taxable
Contributions are not tax-deductible
Earnings generally grow tax-free
Withdrawals generally are tax-free
Contributions
Maximum the lesser of $5,500 per year (for 2017) or the individual's taxable compensation for the year $5,500 per year (for 2017) or the individual's taxable compensation for the year
Catch-up1 An additional $1,000 per year, beginning in the year the individual turns 50 An additional $1,000 per year, beginning in the year the individual turns 50
Eligibility Under age 70½
Must have taxable compensation
No maximum income limits
Any age
Must have taxable compensation
Maximum income limits

For single filers: Eligibility phases out between $117,000 and $132,000 of modified Adjusted Gross Income (for 2016)

For joint filers: Eligibility phases out between $184,000 and $194,000 of modified Adjusted Gross Income (for 2016)

Withdrawals Withdrawals after 59½ without tax penalty
Withdrawals before 59½ generally subject to a 10% tax penalty unless exception2 applies
Mandatory withdrawals starting at 70½
Withdrawal of contributions without tax penalty
Withdrawal of earnings may be subject to a 10% tax penalty unless a qualified distribution or an exception2 applies
No mandatory withdrawals

IRA Accounts

IRA Accounts

There are three Bank IRA options.

Bank IRAs (FDIC Insured)

Fixed Rate3

Similar to a CD, earns interest at a fixed rate for the term of the time deposit.

  • Interest rate fixed for the term of the time deposit within the IRA —terms range from 6 to 60 months
  • Can be opened with a minimum deposit of $250
  • Additional deposits can be made during the grace period at maturity
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Money Market3

Similar to a money market account, allows for regular deposits and/or the rollover of IRA funds at any time.

  • No maturity obligation, so withdrawals can be made any time
  • Can be opened with a minimum deposit of $50
  • Can make deposits of $25 or more at anytime
  • Can be linked to a checking or savings account for regular, automatic deposits
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18 Month Variable Rate
(Traditional only)

Earns interest at a rate that is comparable to the prevailing rate4 in the market.

  • Earn a variable rate of interest over a fixed term of 18 months
  • Rate is equal to the most recent discount auction rate of the six-month Treasury Bill plus 0.25%4
  • Can be automatically renewable
  • Can be opened with a minimum deposit of $250
  • Additional deposits are permitted during the 18-month term, with a minimum of $50
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  • No monthly fee
  • Pays interest on all balances

Contact Us

Contact Us

For questions on existing Regions IRA accounts, contact the CD/IRA Support Center at 1-800-388-4727.

Rollovers, Transfers and Conversions.

Rollovers

An IRA rollover occurs when certain funds are distributed to an individual who then reinvests (within 60 days) the funds in an IRA. This often occurs when funds in a retirement plan, such as a 401(k) plan, are distributed to an individual and then are reinvested in an IRA.

Transfers

An IRA transfer occurs when IRA funds are transferred directly (they are not distributed to an individual) from the custodian of one IRA to the custodian of another IRA.

Conversions

An IRA conversion occurs when a Traditional IRA is converted to a Roth IRA, which allows an individual to generally receive tax-free withdrawals at retirement.

This communication is provided by Regions Bank for educational and general marketing purposes only and should not be construed as a recommendation or suggestion as to the advisability of acquiring, holding or disposing of a particular investment, nor should it be construed as a suggestion or indication that the particular investment or investment course of action described herein is appropriate for any specific retirement investor. In providing this communication, Regions Bank is not undertaking to provide impartial investment advice or to give advice in a fiduciary capacity.

This information should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. Regions encourages you to consult a professional concerning your specific situation and visit irs.gov for current tax rules.

1. An individual who is 50 years of age or older by the end of the year can contribute the maximum ($5,500) plus the catch up ($1,000) for a total of $6,500 per year.

2. Penalty exceptions generally include: distribution to a beneficiary due to death of owner, medical insurance after losing a job, a scheduled series of substantially equal periodic payments, qualified post-secondary education expenses, total and permanent disability, rollover, tax levy, qualified reservist distribution, deductible medical expenses, and buy, build or rebuild a first home (up to $10,000).

3. These accounts can be opened with a Roth IRA, an Education IRA or a Traditional IRA.

4. The discount rate of the 6-month Treasury bill is determined by the weekly auction of the Federal Reserve. To this extent, the interest rate and Annual Percentage Yield (APY) earned on this deposit are subject to change weekly and may be deemed variable rates. Fluctuations in the discount rate of the 6-month Treasury bill could cause an interest rate and APY in a subsequent week to be less than the interest rate and APY in an earlier week. Withdrawals from 18-month Variable Rate IRAs before the maturity date may be subject to a bank early withdrawal penalty of six months’ simple interest on the amount withdrawn at the interest rate being paid on your deposit at the time of withdrawal. Withdrawals from IRAs before age 59½ may be subject to other penalties and tax consequences as provided by applicable law. Fees could reduce earnings on the account. This deposit is not available for Roth IRA or Coverdell Education Savings Accounts.