
Flex IRA CD's
Choose a term that's right for you
Our IRA Options
FIND YOUR NEAREST BRANCH ASK A QUESTION
What would your Retirement Look Like?
Add cash anytime throughout the year with a Flex IRA CD Account.
$100 to Open | Great Fixed Rate | Avoid Market Volatility
Choose a term that's right for you:
Product | Minimum to Open | Current Interest Rate | Current APY* |
---|---|---|---|
Flex IRA CD 10 Months | $100 | 0.59% | 0.60% |
Flex IRA CD 20 Months | $100 | 0.69% | 0.70% |
Flex IRA CD 30 Months | $100 | 0.79% | 0.80% |
Savings for where you are now and for where you're headed.
Benefits of a Ridgewood Flex IRA CD:
Open with as little as $100
Make additional contributions of $20 or more anytime
Great fixed rate
Perfect for rollovers and transfers
Contributions permitted up to legal limits1
Potential tax advantages1
A flexible account for today, tomorrow and in retirement.
Deposits to an existing IRA account will be reported by the Bank for the year in which the deposit was received by the Bank. In order for a deposit to an existing IRA account to be reported for the prior calendar year, the deposit must be made in person and received by the Bank prior to the applicable IRS deadline. *Annual Percentage Yield | 1. Please consult your tax advisor. | Early withdrawal penalties apply to Flex IRA CD accounts. Each Flex IRA CD may only be opened as part of an Individual Retirement Account relationship. Rates and terms are accurate as of 4/1/2020 and are subject to change without notice. Fees could reduce earnings. Retirement accounts held by a person at Ridgewood Savings Bank are generally insured by the FDIC up to a total of $250,000. Additional terms and conditions apply.
- TRADITIONAL IRA
- ROTH IRA
- SEP IRA
TRADITIONAL IRA
A Traditional IRA is a convenient, straightforward way to save for retirement. With this popular plan, your contributions may be tax deductible and all earnings are tax-deferred until your funds are disbursed1.
Eligibility
- There are no age restrictions.
- Must have earned income.
- Tax deductibility is based on income requirements.
Contribution Limits
The total contribution limits for both Traditional and Roth IRAs are:
- 2019: $6,000
- 2020: $6,000
Plus, individuals age 50 or older may make additional contributions up to $1,000 per tax year. These catch-up contributions are also available for the IRA of a non-working spouse.
Rollovers
If you retire or change jobs, you can roll over the funds in a qualified employer-sponsored retirement plan, such as a 401(k) or 403(b), to a Traditional IRA at Ridgewood. If you receive your funds in a lump-sum distribution, you must move the funds to your new IRA within 60 days to avoid any IRS penalty or to preserve the tax-deferred status of your assets1. Rollovers of IRA distributions are limited to one per 12-month period.
Transfers
If you have an existing IRA at another financial institution, you can take advantage of our competitive IRA CD rates and local service by easily transferring your IRA to Ridgewood.
To learn more, call our retirement specialists today at (877) 417-6547.
1Please consult your tax advisor.
ROTH IRA
Roth IRA contributions are not tax-deductible, but earnings accumulate tax-free. And, because your contributions are taxed up front, you will be able to withdraw both your principal and interest tax-free (when qualifications are met).1
Eligibility
- There are no age restrictions.
- Participants must have earned income.
- For the 2020 tax year, Roth IRAs require an adjusted gross income below $206,000 (for couples filing jointly), with reduced contribution limits beginning at $196,000. For single filers, the contribution limit is $139,000, with contributions phased out starting at $124,000.
Qualified Distributions
To qualify for tax-free distributions, the Roth IRA must have been open for five years and the account holder must be at least 59½1. The age requirement does not apply in the event of disability or death, or if the funds are used for qualifying homebuying or higher education expenses.
Contribution Limits
The total contribution limits for Traditional and Roth IRAs are:
- 2019: $6,000
- 2020: $6,000
Plus, individuals age 50 or older may make additional contributions up to $1,000 per tax year. These catch-up contributions are also available for the IRA of a non-working spouse.
Traditional to Roth IRA Conversions
If you would like to take advantage of tax-free distributions in the future, our team can help you convert your tax-deferred Traditional IRA to a Roth IRA.
To learn more, call our retirement specialists today at (877) 417-6547.
1Please consult your tax advisor.
SEP IRA
Simplified Employee Pension plans, or SEP IRAs, are qualified retirement plans designed to help self-employed individuals, small-business owners and employees access valuable tax benefits1 while saving for retirement.
The SEP plan is one of the more popular Qualified Plans because it combines the simplicity of an IRA with the added benefits of a Qualified Plan. A SEP is designed to permit an employer to contribute to employees’ IRAs and gives participants access to all the investment options of an IRA.
Eligibility
- SEP IRAs may be used by sole proprietors, partnerships and corporations.
Contribution Limits
For the 2020 tax year, employers may contribute up to 25% of annual compensation or $57,000 (whichever is lower) per employee.
Tax Advantages
Employer contributions may be excluded from the employee’s current taxable income, and the employer may deduct the contributions as a business expense.1
To learn more, call our retirement specialists today at (877) 417-6547.
1Please consult your tax advisor.
Our IRA Accounts
- IRA CD
- IRA Savings
We believe that saving is key to success, so we give you a smart, safe way to grow your nest egg. Ridgewood offers a wide selection of FDIC-insured IRA CDs that can add stability to your retirement portfolio while paying a highly competitive rate.
Product | Minimum to Open | Current Interest Rate | Current APY* |
---|---|---|---|
90 Day CD | $500 | 0.34% | 0.35% |
6 Month CD | $500 | 0.39% | 0.40% |
9 Month CD | $500 | 0.44% | 0.45% |
12 Month CD | $500 | 0.49% | 0.50% |
18 Month CD | $500 | 0.54% | 0.55% |
24 Month CD | $500 | 0.59% | 0.60% |
36 Month CD | $500 | 0.64% | 0.65% |
48 Month CD | $500 | 0.69% | 0.70% |
60 Month CD | $500 | 0.74% | 0.75% |
72 Month CD | $500 | 0.79% | 0.80% |
84 Month CD | $500 | 0.83% | 0.85% |
Visit your local branch or call (877) 417-6547 to get started.
Rates are effective as of 12/21/2020
*A Ridgewood checking, money market or savings account required.
Fees charged on some accounts may reduce your earnings.
Early withdrawal penalties apply on CD accounts.
Each IRA certificate of deposit may only be opened as part of an individual Retirements Account relationship.
Rates & terms are subject to change without notice.
The information on this page is provided for informational purposes only. Ridgewood Savings Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the information. Please consult a qualified advisor for advice specific to your circumstances.
We believe that saving is key to success, so we give you a smart, safe way to grow your nest egg.
Product | Minimum to Open | Interest Rate | APY* |
---|---|---|---|
IRA Savings | $10 | 0.25% | 0.25% |
Visit your local branch or call (877) 417-6547 to get started.
Rates are effective as of 12/21/2020
*Current APY
Fees charged on some accounts may reduce your earnings.
Rates & terms are subject to change without notice.
The information on this page is provided for informational purposes only. Ridgewood Savings Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the information. Please consult a qualified advisor for advice specific to your circumstances.
OUR OTHER OPTIONS
- Coverdell Education Savings Account
- Qualified Plans
COVERDELL EDUCATION SAVINGS ACCOUNT
A Coverdell ESA is a simple way for parents, grandparents and others to save for a child’s education. Similar to a Roth IRA, this nondeductible account offers tax-free earnings and withdrawals for qualified K-12 and higher education expenses1.
Eligibility
-
Beneficiaries must be under the age of 18.
- Anyone may set up or contribute to a child’s Coverdell ESA (income limits apply).
Contribution Limit
The total annual contribution limit is $2,000 per child.
Eligible Expenses
Money put aside grows tax-free and can be withdrawn tax-free when the proceeds are used for qualified expenses at an eligible educational institution such as a college, trade school, private elementary school or private high school1. Qualifying distributions must be made by age 30.
Savings Options
Ridgewood’s CDs are a simple and effective way to protect and grow your Coverdell ESA funds. We offer a full range of terms with great rates, so you can choose the option that best fits your plans.
To learn more, call our retirement specialists today at (877) 417-6547.
1Please consult your tax advisor.
Qualified Plans
Qualified Plans, including IRAs and profit-sharing plans, are tax-deferred retirement plans established or adopted by employers for themselves and their employees. With favorable tax treatment1 and a variety of options, these IRS-approved plans are commonly used by sole proprietors, partnerships and corporations.
If you are a business owner, a Qualified Plan could be a smart choice for you and your valued team members.
To learn more and discuss your retirement needs, call our retirement specialists today at (877) 417-6547.
1Please consult your tax advisor.

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