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Individual Retirement Account (IRA) - Have you planned for retirement?

No matter how near or far you are from retiring, the tax advantages of an Individual Retirement Account (IRA) can help you achieve your goals. Whether you need to roll over a 401K or you’re just starting to save for retirement, Northrim Bank has the right option for you.

There are two basic types of IRAs for ongoing contributions: Traditional and Roth. With the Northrim Traditional IRA, your contributions plus the interest earned grow tax deferred until you withdraw funds. For some contributors, IRA contributions may be tax deductible. With a Northrim Roth IRA, your contributions are made with pre-taxed dollars and the earnings may be withdrawn tax free if the five year waiting period is met. To qualify for a Roth IRA, you will subject to MAGI (Modified Adjusted Gross Income) limits.

For more information, visit our online IRA Service Center. From here you can learn more about the benefits of IRAs, begin the documentation to open a new IRA, service an existing IRA and more!

Variable-Rate Savings

  • Can be used for a Traditional or a Roth IRA
  • Only $100 required for the opening deposit
  • Can make multiple deposits in any increment during the year, up to the maximum annual contribution amount
  • Account service charge $5.00 per quarter if minimum balance falls below $500

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Jump-Up CD

  • Can be used for a Traditional or a Roth IRA
  • Choose a term that fits you best (12, 18, 24, or 36 months)
  • Jump your interest rate once on a 12 month term or twice on terms of 18 months or more
  • Make additional deposits and watch your investment grow¹
  • Automatically renews at maturity for the same term at the prevailing rate
  • No withdrawal penalty during 10 day grace period following maturity
  • Only $100 required for opening deposit

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Fees could reduce earnings, rates are subject to change.

Jump-Up CDs: Early withdrawal penalties may apply. No interest paid on balances below minimum.

1Federal regulation prohibits you from making a deposit more than every seven days, and not during the first or the last seven days of your CD term.

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