Looking for a secure place to invest money for yourself or your employees?
Bank of American Fork's individual retirement accounts (IRAs) are held in CDs,
not in the stock market, so you're guaranteed a steady return and are covered by
FDIC insurance. Unlike some banks, we don't charge you holding fees or an annual
Depending on the type of IRA you choose, income can be earned tax free or tax deferred.
After retirement, you can receive distributions from the money in your IRA account.
Here are the types of IRAs we offer:
- Traditional IRA: Allows contributions of pre-tax income. Taxes are
paid upon distribution.
- Roth IRA: Allows contributions of after-tax income, if qualified. Qualified
distributions of principal and interest are tax-free. After retirement, distributions
are not required.
- SEP IRA: SEP stands for Simplified Employee Pension. It allows a business
to make contributions toward its employees' retirement using IRAs. These are especially
popular with sole proprietors, where the business owner and the employee are the
same person. SEPs allow a higher maximum contribution (25% of compensation up to
$50,000) than a Traditional or ROTH IRA.
Bank of American Fork's variable-rate IRAs require only $10 to open, while the Bank's
fixed-rate IRAs can be opened with a $500-$5,000 minimum opening deposit. Don't
wait any longer to start your retirement savings. Open an IRA today.