Retirement
Investment options that allow you to plan for your future without sacrificing your values.
Whatever stage you’re at in your investment planning, Forbright has a variety of Individual Retirement Account (IRA) options to help you achieve your retirement goals.
| IRA Certificate of Deposit (CD) † | IRA Savings Account † | |
|---|---|---|
| Terms | 12-60 Months | – |
| Earns Interest 1 |  | |
| Minimum Balance Required to Open | $1,000 | $1,000 |
| Withdrawal Limitations | Early withdrawal penalties may apply | Early withdrawal penalties may apply |
| Bill Pay with Online Banking | | |
| E-Statements Available | | |
| Automatic Renewal 2 | | – |
† Additional restrictions apply. Individual retirement accounts are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see your tax advisor for additional information
1 Interest is calculated daily and credited monthly.
2 Ten (10) calendar day grace period. Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate at the time of renewal will be the rate offered for a new IRA CD product.
Additional fees may apply. Please refer to the Fee Schedule for more information.
Individual Retirement Accounts (IRA) Rates
Accurate as of September 5, 2023
| Interest Rate | APY* | Minimum Opening Balance | |
|---|---|---|---|
| 12-17 Month | 3.685% | 3.75% | $1,000 |
| 18-23 Month | 3.684% | 3.75% | $1,000 |
| 24-29 Month | 3.779% | 3.85% | $1,000 |
| 30-35 Month | 3.778% | 3.85% | $1,000 |
| 36-47 Month | 3.392% | 3.45% | $1,000 |
| 48-59 Month | 3.392% | 3.45% | $1,000 |
| 60 Month | 3.489% | 3.55% | $1,000 |
| IRA Savings Account | 0.300% | 0.30% | $1,000 |
*Annual Percentage Yield
Rates and APYs are subject to change at any time. Fees assessed to account may reduce the earnings. The disclosed rates on variable accounts (i.e. Checking, Savings, and Money Market) may change after account opening.
Start planning for tomorrow today.
Visit one of our local Forbright branches to open an account.
Retirement Financial Calculators
View more resources
Resources
Apr 21, 2023
How Much Do I Need in Savings to Fund My Retirement?
Use this calculator to find out how much money you’ll need in your savings account to make recurring withdrawals of a specified amount.
Resources
Mar 22, 2022
How Much Will My Roth IRA Be Worth at Retirement?
Use this calculator to compute the amount you can save in a Roth IRA. A Roth IRA allows you to pay taxes on your income now, but withdraw the funds tax-free in retirement.
Resources
Mar 06, 2022
How Much Will My Traditional IRA Be Worth at Retirement?
Calculate how much you can save with a tax-deferred Traditional IRA. Contributions to your Traditional IRA are usually tax deductible now, but you pay taxes when you withdraw the funds in retirement.
Additional Products
Certificates of Deposit
Easy Signup. High-Yield. FDIC Insured.
Checking and Money Market
A checking account that works for you, on your terms.
Savings
You save for your future. We invest in a brighter future.