IRAs
Take control of your retirement future with an Individual Retirement Account with the flexibility to meet your retirement goals.
Retirement saving for financial freedom.
You have a unique plan for your retirement. An Individual Retirement Account (IRA) can help you get there. IRAs offer several benefits that can help you save for retirement.
Washington Trust IRA accounts feature:
- Interest-bearing investments.
- Potential tax deductibility, deferment, or even tax-free earnings.
- Accessibility: Anyone with earned income can open and contribute to an IRA.
- FDIC insured: All deposits are insured by the FDIC, up to the standard insurance amount of $250,000 per depositor, for each account ownership category.
- Individual ownership: An IRA is owned by you, not your employer.
Take control of your retirement future with an Individual Retirement Account with the flexibility to meet your retirement goals. Choose from Traditional or Roth IRA accounts that offer unique contribution and investment benefits.
Explore IRA accounts.
Review our IRA account options below. Have questions? Visit a local branch to talk with a banker or call our Priority Service team at 800.788.4578.
Fixed-Rate IRA CD
Term: Six months to five years.
Minimum deposit to open: $500.
Interest rate: Rate fixed for full term. Compounds daily.
Special features: Additional deposits allowed only at renewal.
Floating-Rate IRA CD
Term: 18 months.
Minimum deposit to open: $100.
Interest rate: Rate fixed for full term. Compounds daily.
Special features: Additional deposits of $50 or more may be made to this account any time.
Which IRA is right for you?
Click the button to compare our IRA account options. Have questions? Visit a local branch to talk with a banker or call our Priority Service team at 800.788.4578. This is not tax advice. As always, consult with your tax and legal advisors.
compare ira accounts
| Traditional IRA | Roth IRA | |
|---|---|---|
| Who can contribute? | Anyone with earned income. | Depends on modified adjusted gross income (MAGI). |
| How much can be contributed a year? | 100% of earned income up to a maximum of that year's standard contribution limits. | May contribute the lesser of that year's standard contribution limit or 100% of earned income, subject to Modified Adjusted Gross Income (MAGI) limits. |
| How does the account grow? | Tax-deferred until withdrawn. | Tax-free when distribution guidelines are met. |
| Are the contributions deductible?1 | All or part of the contribution is — if you qualify. | Contributions are never deductible. |
| When is federal income tax due?1 | Due upon withdrawal of earnings and deductible contributions. | No federal income tax when distribution guidelines are met. |
| How long can contributions be made? | As long as income is earned. | As long as income is earned. |
| When does the IRA need to be distributed by? | Mandatory distributions start at age 73. | Does not have a mandatory distribution age. |
Right in your neighborhood
Connect with your local banking team.
With over 40 locations throughout Washington, Idaho, and Oregon, there’s a Washington Trust location near you with a team of bankers ready to serve.
Important information:
1. Seek the advice of a qualified tax accountant or refer to IRS Publication 590 for details concerning deductibility.
Contribution limits are subject to Cost-of-Living (COLA) adjustments. Additionally, if you have attained age 50 or older by the end of your taxable year, you are eligible to make catch-up contributions.
Your selection depends on a few factors — including age, income and whether you’re investing in an employer plan. Get started saving for retirement now — no matter what stage of life you are in.
Withdrawals may be subject to a certificate of deposit early withdrawal penalty if taken outside of the grace period. Please see Deposit Account Disclosure – Personal Products or the Deposit Account Disclosure – Business Products for full terms and conditions.
For further details on earned income limits and distribution guidelines, see IRS Publication 590.