IRA TIERED SAVINGS

3.90% APY
Balances of $0.01 - $15,000

Build up your retirement fund with our tiered savings solution. Get access to a competitive rate of 3.90% APY on balances between $0.01 and $15,000.¹

• Minimum opening deposit of $5

• Interest earned on all balances

12 MONTH IRA CD

3.55% APY

Maximize your retirement savings with our 12 Month IRA CD.².

• Interest rate locked in for the entire term

• Minimum opening deposit of $1,000

• Penalty may apply for early withdrawal

ROLLOVER IRA

What will you do with your employer-sponsored retirement funds when you retire or change jobs? Take control of your finances and your future with a Direct Rollover from your employer’s plan to a Blue Foundry Bank Rollover IRA Account.

Only a Direct Rollover lets you move 100% of your savings. If you take cash or the rollover yourself, you may pay 20% withholding. Our Rollover IRA Account invests your funds in an insured certificate of deposit and guarantees convenient access:

• Your IRA is insured separately from your other accounts up to $250,000

• Interest earnings are tax-free until withdrawn and there are no IRS penalties for distributions made after age 59 ½

TRADITIONAL IRA

Traditional IRAs give you tax deferred interest on your retirement savings:

• You may be able to deduct your annual IRA contribution on your federal tax return

• Interest earnings in your Traditional IRA are tax-free until withdrawn from the account

• Contributions can be made after age 70 ½ when you have earned income from employment

• Make contributions for a tax year or up to your tax filing deadline for that tax year

• Minimum required distributions must start at age 73

• No IRS penalties for distributions made after age 59 ½

ROTH IRA

Roth IRAs allow people to set aside after-tax income up to a specified amount each year with earnings on the account and withdrawals after age 59 ½ are tax-free.

• Roth IRA contributions are not tax-deductible up front, but when funds are distributed in a “qualified distribution,” they incur no federal tax

• No age limit on making contributions as long as you have earned income

• Distributions are tax-free and IRS penalty-free for qualifying first-time homebuyers and those over age 59 ½

• There are no required minimum distributions at age 73 - your money can continue to grow until you need it

SIMPLIFIED EMPLOYEE PENSION (SEP)

The SEP-IRA gives small businesses as well as sole proprietors a retirement plan for their employees that’s easy to establish and offers real flexibility.

• Employers can contribute to employees’ existing IRAs

• Contributions are tax-deductible by an employer and the earnings are tax deferred until withdrawn

• An employer does not have to contribute every year

• Avoid the administrative costs and most reporting requirements of qualified retirement plans