Traditional IRA - Frequently Asked Questions
Click on any question below to veiw answers to some common questions about Traditional IRA accounts.
Who can contribute to an IRA and how much can you contribute?
Are Traditional IRA contributions tax deductible?
What if I can’t take a deduction?
Can I transfer my existing IRA to BankDirect?
Yes, simply withdraw your IRA savings from your current financial institution and open a new IRA at BankDirect with the "Rollover"
funds. You may request that we obtain your IRA savings from your current financial institution as a ”Trustee-to-trustee” transfer.
I am contributing to an employer-sponsored retirement plan. Am I still eligible to contribute to an IRA?
When can I take my money out?
Can I take my money out before I reach age 59½?
How do I open a BankDirect IRA?