Individual Retirement Account (IRA)

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Plan 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.

Is an IRA right for me?

Whether you need to rollover a 401K or you’re just starting to save for retirement, Northrim Bank has the right option for you.

There are two common types of IRAs for ongoing contributions:

  • Traditional. 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.
  • Roth. With a Northrim Roth IRA, your contributions are made with taxed dollars and the earnings may be withdrawn tax-free if the five-year waiting period is met.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 be subject to MAGI (Modified Adjusted Gross Income) limits.

Compare your IRA options

Features Variable IRA Jump-Up IRA
Can be used for Traditional or Roth IRA Yes Yes
Opening deposit $100 $100
Account service charge $5/quarter
(waived with daily min. balance of $500+)
$5/quarter
(waived with daily min. balance of $500+)
Additional deposits Can make multiple deposits in any increment during the year, up to the maximum annual contribution amount Can make a deposit every seven days, up to the maximum annual contribution amount1
Additional benefits This cell left intentionally blank Jump your interest rate once on a 12 month term or twice on terms of 18 months or more
Choose a CD term that fits you best (12, 18, 24 or 36 months)2
Interest Yes  View Rates Yes  View Rates
Open an IRA

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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.

2Automatically renews at maturity for the same term at the prevailing rate. No withdrawal penalty during 10-day grace period following maturity. Early withdrawal penalties may apply. No interest paid on balances below minimum.

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