IRA CDs and Savings

With our history of helping families achieve their financial goals, SIS offers a full range of IRA plans designed to help you save regularly and build financial security. As a savings bank, our deposit service professionals will work with you to establish an ongoing savings plan that best suits your unique objectives. Our products give you safety, guaranteed yields, no risk and easy access.

Please select an account below for more information:

IRA Savings

Allows you the flexibility to make IRA contributions then move to an IRA CD at anytime, penalty free.

Our IRA Savings account is ideal to accumulate your regular IRA contributions and permits you to transfer to an IRA CD penalty free at your discretion. Enjoy easy access as your account balance grows without a term commitment. Available for Traditional, Roth, SEP or Coverdell Education Savings Accounts (CESA)

  • $25 minimum deposit to open
  • $25 minimum balance to earn interest
  • Variable rate interest, subject to change without notice
  • Monthly compounded interest is credited to your account on the last business day of each month
  • Monthly statement
  • Minimum withdrawal amount is $500; unless required minimum distributions @ ages greater than 70.5
  • Fees may reduce earnings on this account
  • Controlled transactions provide ease of tracking deposits, withdrawals, and interest earned.

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Traditional IRA

A traditional IRA allows you to defer taxes on your earnings until they are withdrawn.
  • $500 minimum deposit to open
  • $500 minimum balance to earn interest
  • Compounded monthly interest is credited to account on the last business day of each month
  • Terms available from 91 days to 10 years
  • Automatic renewal at maturity
  • A penalty may be imposed for withdrawal of principal before maturity
  • The penalty is waived for the following reasons:
    1. You are totally disabled (a written statement from physician is required)
    2. Your withdrawal is a pre-authorized periodic distribution under the terms of your SIS Retirement Plan
    3. Death of the IRA holder
    4. If over 70.5, the withdrawal satisfies your Required Minimum Distribution (any excess over the RMD is subject to penalty)
  • Fees may reduce earnings on this account

Transaction Limitations – You may not make deposits into your account. You may not make withdrawals of principal from your account until the maturity date

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ROTH IRA

Features tax-free withdrawals for certain distribution reasons after a five-year holding period.

A Roth IRA is a non-deductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period.

  • $500 minimum deposit to open
  • $500 minimum balance to earn interest
  • Compounded monthly interest is credited to account on the last business day of each month
  • Automatic renewal at maturity
  • A penalty may be imposed for withdrawal of principal before maturity
  • The penalty is waived for the following reasons:
    1. You are totally disabled (a written statement from physician is required)
    2. Your withdrawal is a pre-authorized periodic distribution under the terms of your SIS Retirement Plan
    3. Death of the IRA holder
  • Fees may reduce earnings on this account

Transaction Limitations – You may not make deposits into your account. You may not make withdrawals of principal from your account until the maturity date.

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Simplified Employee Pension (SEP) IRA

A retirement plan established by an employer for employees or the self-employed person.

This plan is a retirement plan established by an employer. Any employer, whether a corporation, partnership, or a self-employed individual, may establish a SEP even if there are no other employees.

  • $500 minimum deposit to open
  • $500 minimum balance to earn interest
  • Compounded monthly interest is credited to account on the last business day of each month
  • Automatic renewal at maturity
  • A penalty may be imposed for withdrawal of principal before maturity
  • The penalty is waived for the following reasons:
    1. You are totally disabled (a written statement from physician is required)
    2. Your withdrawal is a pre-authorized periodic distribution under the terms of your SIS Retirement Plan
    3. Death of the IRA holder
    4. If over 70.5, the withdrawal satisfies your Required Minimum Distribution (any excess over the RMD is subject to penalty)
  • Fees may reduce earnings of this account

Transaction Limitations – You may not make deposits into your account. You may not make withdrawals of principal from your account until the maturity date.

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Coverdell Education Savings Account (CESA)

This is a non-deductible account that features tax-free withdrawals for a child’s education expenses.
  • $500 minimum deposit to open
  • $500 minimum balance to earn interest
  • Compounded monthly interest is credited to account on the last business day of each month
  • Automatic renewal at maturity
  • A penalty may be imposed for withdrawal of principal before maturity
  • Fees may reduce earnings on this account

Transaction Limitations – You may not make deposits into your account. You may not make withdrawals of principal from your account until the maturity date.

Check Rates