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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?

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?

Once you reach the age of 50½ (or any time after that), you can withdraw any or all of your IRA savings. These distributions may be subject to taxation and must begin at age 70½.


Can I take my money out before I reach age 59½?

How do I open a BankDirect IRA?



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