IRAs
- Tax-advantaged retirement savings
- Competitive interest above standard savings rates
- No setup or maintenance fees
- Funds can be used to purchase certificate of deposits or savings within your IRA
- Federally insured to $250,000 by FDIC
Find the right long-term savings account for you
Take retirement planning into your own hands and open an IRA
Roth and Traditional IRAs offer a tax-advantaged way to save for the future while earning interest above standard savings. Talk to your personal banker at Sunnyside Federal about opening the account that's right for you.
Traditional IRA
Take advantage of tax-deductible contributions and tax-deferred savings with Sunnyside Federal’s Traditional IRA.
- Anyone with taxable compensation can contribute to an IRA
- Contributions are tax-deductible on state and federal income tax*
- $6,500 contribution limit for 2023
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 73
*Consult with a tax advisor
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
Roth IRA
Enjoy tax-free earnings at withdrawal with Sunnyside Federal's Roth IRA.
- Contributions are NOT tax-deductible
- Earnings are 100% tax-free at withdrawal
- Principal contributions can be withdrawn without penalty*
- $6,500 contribution limit for 2023
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
*Subject to some minimal conditions.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
Everyone there goes out of his or her way for you.
Boost Your Finances With:
Sunnyside Saver Account
This interest-bearing savings account lights the way to higher tiered rates and overall yields.
