About Individual Retirement Accounts (IRAs)
An IRA is designed to help you grow your money for retirement. We know the financial markets can be uncertain and full of risk, which is why we offer low risk IRA products such as CDs and savings accounts that offer more consistent returns and are FDIC-insured. Having an IRA CD account with Ally Bank is a safe and secure way to grow your retirement savings.
Here’s how IRAs work
Traditional IRAA retirement savings plan designed for tax-deferred growth that you don’t pay taxes on until you withdraw money once you reach retirement. You might be able to deduct your contributions on your tax return, depending on your income level.
Roth IRAA retirement savings plan designed for tax-free growth, a Roth IRA allows you to make tax-free withdrawals of any original contributions you made at any time. Please be aware that there are maximum income restrictions to be eligible to contribute to a Roth IRA.
SEP IRAA retirement savings plan designed for tax-deferred growth that provides a way for small business owners to contribute to a retirement plan for themselves and any other eligible employees.
We recommend that you work with a tax professional to determine what combination will help you meet your retirement goals.
Compare IRA Plans and Products
Get more details about our IRA products and plans, contribution and distribution requirements, and tax advantages in the comparison chart.