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Individual Retirement Accounts (IRAs) FAQs

  • What is an Individual Retirement Account (IRA)?

    An Individual Retirement Account (IRA) is a retirement savings account with tax advantages. Ally offers three types of IRA plans: Traditional IRA, Roth IRA and SEP IRA (Simplified Employee Pension).

  • What types of IRA CDs do you offer?

    We offer IRA CD options to meet your needs.

    IRA High Yield CD -- terms range from 3 to 60 months.

    IRA Raise Your Rate CD – 2- and 4-year terms available. You have the option to raise your rate once over the 2-year term and twice over 4-year term if our rate goes up for your term and balance tier.

  • What is a SEP IRA (Simplified Employee Pension)?

    A SEP IRA is an IRA that allows contributions to be made by an employer on behalf of an employee. Business owners and anyone who is self-employed can also use this type of IRA to save for retirement. Please note that IRS guidelines prohibit employees from making personal contributions to their SEP IRA.

  • What's the difference between a Traditional IRA and Roth IRA?

    With a Traditional IRA, you prefer your money to grow tax-deferred until you withdraw it in retirement. In many cases, your contributions are tax-deductible in the year they are made.

    A Roth IRA may be a good option if you're interested in both tax-free growth and withdrawals. Your Roth IRA contributions are not tax-deductible.

    You may want to check with your tax professional to discuss the benefits of each type of IRA.

  • Can I convert a Traditional IRA to a Roth IRA?

    Yes, although this may result in you having to pay some taxes on your earnings from the Traditional IRA once you convert to a Roth IRA. Check with your tax professional to see if this is a good option for you.

  • When can I make contributions to my Traditional or Roth IRA?

    For the current tax year you can contribute to your IRA anytime during the calendar year and before the official April IRS filing due date – not including extensions. Go to for specific information.

    For IRA CDs, after you’ve made an initial funding deposit, you won’t be able to add more money until the CD reaches maturity. You’ll have a 10-day grace period, starting at the maturity date, to make any changes.

    Annual IRA contribution limits may apply. Consult your tax professional for advice.

  • Are there income, contribution and other limits for IRAs?

    Yes. The IRS establishes limits for IRAs, depending on what type of plan you choose. Check out our IRA comparison chart for more details. You may want to check with the IRS or a tax professional to find out what limits may apply to you.

  • What is considered eligible income for an IRA contribution?

    The IRS defines eligible income as: wages, salary, tips, professional fees, bonuses, taxable alimony, commissions resulting from profits or sales, income earned if you are self-employed and the sole proprietor of a business, and the income you receive as a partner for providing services. Anything not listed here is ineligible income.

  • Can I contribute to an IRA if I have a retirement plan with my employer?

    Yes. Keep in mind that your ability to deduct your IRA contributions on your taxes may be affected by the fact that you (or your spouse) are covered under your employer's retirement plan. Please check with the IRS or your tax professional for more information.

  • When can I withdraw money from my Traditional IRA?

    You can withdraw money from your Traditional IRA at any time; however, if you are under the age of 59½, the Internal Revenue Service (IRS) could charge you a 10% tax. There are exceptions, so please check with the IRS or your tax professional before making a withdrawal.

  • Am I required to take distributions at a certain age from my IRA?

    It depends. If you have a Traditional or SEP IRA, the IRS requires that you take an annual minimum distribution by April 1st of the year following the year you turn 70½. The amount of your distribution depends on how much you have in your account divided by your life expectancy. Check with the IRS or your tax professional for more information on how to calculate your distribution amount.

    If you have a Roth IRA, you don't have to take an annual minimum distribution, so your money can grow until you need it.

  • What are the IRA distribution guidelines for withholding?

    It's always best to consult with a tax professional before making any decisions about tax withholdings on your distribution.

    For Traditional IRAs and SEP IRAs, the IRS requires us to withhold 10% in federal income taxes from your IRA distributions unless you tell us not to withhold this amount or to withhold more than 10%.

    For Roth IRAs, the IRS does not typically require us to withhold federal income tax on qualified Roth IRA distributions. An exception to the general rule applies to conversions from a Traditional IRA to a Roth IRA; then, we are required to automatically withhold 10% on the amount converted. You can also choose not to withhold or withhold at greater than 10% on this amount.

  • Does Ally offer Savings Incentive Match Plan for Employees (SIMPLE) IRAs?

    At this time, Ally only offers Traditional, Roth and SEP IRAs.

  • What's the difference between an IRA Rollover and an IRA Transfer?

    An IRA Rollover is the movement of assets from an IRA or qualified retirement plan, like a 401(k) plan or 403(b) plan, to an Ally Bank IRA. Rollovers could be subject to tax consequences. Please consult your tax advisor regarding frequency of rolling over funds.

    An IRA Transfer moves funds directly from the trustee or custodian at another institution to an Ally Bank IRA. For example, from a Traditional IRA at your other bank into your Traditional IRA at Ally Bank.

    Get the facts about IRAs, which explains different ways to move your retirement money around and how to convert one type of IRA plan to another, such as Traditional to Roth. You can also visit the IRS for more information.

  • Where can I find IRA forms?