Your ambitions for retirement deserve to become a reality. And here is where it starts—with a variety of plans that shape your investments for success, as well as bankers who care about making your dreams happen.
IRA TIERED SAVINGS
Balances of $0.01 - $15,000
Build up your retirement fund with our tiered savings solution. Get access to a market leading rate of 5.00% APY on balances between $0.01 and $15,000.1
Minimum opening deposit of $5
Interest earned on all balances
12 MONTH IRA CD
Maximize your retirement savings with our 12 Month IRA CD, offering a highly competitive APY of 4.00%2.
Interest rate locked in for the entire term
Minimum opening deposit of $1,000
Penalty may apply for early withdrawal
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Interest earnings are tax-free until withdrawn and there are no IRS penalties for distributions made after age 59 ½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 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Interest earnings in your Traditional IRA are tax-free until withdrawn from the account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 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
BEFORE MAKING IRA DECISIONS CONSULT A TAX ADVISOR
1 APY (Annual Percentage Yield) of 5.00% is based on an interest rate of 4.88% for balances of $0.01 - $15,000. Balances of $15,000.01 and up earn an APY of 0.50% based on an interest rate of 0.50%. Rate is effective as of 3/03/23. Minimum opening deposit of $5.
2 APY (Annual Percentage Yield) of 4.00% is based on an interest rate of 3.92%. Rate is effective as of 3/03/23. Minimum deposit $1,000. Penalty for early withdrawal.