Author Topic: IRA provider with no-fee withdrawal and savings account option  (Read 1414 times)

ponyespresso

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IRA provider with no-fee withdrawal and savings account option
« on: December 14, 2015, 10:07:15 AM »
I was telling my dad about IRAs, he's trying to lower his income for 2015 and I mentioned he could put money in an IRA then withdraw it next year. (He's retirement age). Do you know of a bank/brokerage that offers traditional IRAs with no-fee withdrawals, and the ability to keep it in FDIC insured savings account? I'm going to look to Capital One but I should be working right now.  And I thought some of you will just know.  I"ll check out their bank as well - it's the Navy Federal Credit Union. TIA!

dandarc

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Re: IRA provider with no-fee withdrawal and savings account option
« Reply #1 on: December 14, 2015, 10:12:18 AM »
I imagine you can find this at many banks. 

Ally is one such bank.

https://www.ally.com/bank/ira/online-savings-account/

Really, it isn't much different than a regular savings account - slightly different application is all.

BarkyardBQ

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Re: IRA provider with no-fee withdrawal and savings account option
« Reply #2 on: December 14, 2015, 10:14:10 AM »
Credit Unions usually offer this.

teen persuasion

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Re: IRA provider with no-fee withdrawal and savings account option
« Reply #3 on: December 14, 2015, 10:35:29 AM »
Does he (or his spouse) have earned income this year?  He would need that to be eligible to contribute to an IRA.
Does he want to reduce his income for 2015 only?  When he takes money out of the IRA in the future, it will be added to his income in that year.

As far as fees, ask about annual maintenance fees.  We had an IRA at a bank (before we learned about Vanguard), and it charged $15/yr.

ponyespresso

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Re: IRA provider with no-fee withdrawal and savings account option
« Reply #4 on: December 14, 2015, 06:38:10 PM »
They both have earned income. They earned more than they expected, and as they are collecting SS (early)  it has ramifications. It looks like their CU offers an IRA although the API sucks. But that is probably the same rate as their savings account.

ponyespresso

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Re: IRA provider with no-fee withdrawal and savings account option
« Reply #5 on: December 14, 2015, 06:39:49 PM »
As far as fees, ask about annual maintenance fees.  We had an IRA at a bank (before we learned about Vanguard), and it charged $15/yr.
thanks! Very smart question to ask.