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Fifth Third Bank IRA

Fifth Third has its unique products and services for each category of its customers. Likewise, it has introduced the Fifth Third Bank IRA which is quite common among the retired Americans. It is a form of retirement plan that provides tax exemption on retirement savings. With Fifth Third Bank IRA you can be at complete peace of mind and lead a peaceful as well as hectic free life post retirement.

Following are the types of IRA accounts offered by the Fifth third Bank:

Fifth Third Traditional IRA: This account can be opened by those persons whose age is above 70. It is a type of a personal retirement savings account. The income that arises from this is totally exempted from tax until and unless you withdraw. One can open this account by depositing a minimum amount of $500. The deadline for opening this account is April 15, 2013. There is also a facility of converting your Traditional IRAs, Rollover IRAs, SEP-IRAs and SIMPLE IRAs into one Traditional IRA once the 2 year holding period has passed. IT can be done in two ways:
  • 60-Day Rollover
  • Non-reportable Trustee-to-Trustee Transfer
Fifth Third Roth IRA: This is also a type of a personal retirement savings account. The main benefit of this account is that even if you withdraw any amount still it is exempted from tax. This account can be opened by all those whose age is more than 59 years. The deadline for opening this account is April 15, 2013. You can deposit a maximum amount of $5,000and $6000if your age is more than 50. The following table will give you a complete overview about who can contribute to IRA.

YEARFor Married Filing JointlySingle FilerFiling Separately
2010$167,000 - $177,000$105,000 - $120,000$0 - $10,000
2011$169,000 - $179,000$107,000 - $122,000$0 - $10,000

Fifth Third Rollover IRA: As the name suggests this IRA helps you to transfer funds to another employer’s account. It has been mainly designed inorder to separate assets from the previous employer's qualified retirement plan (pension, profit sharing, 401(k), etc) into a Traditional IRA.This may allow you to roll the funds from the Rollover IRA back into another qualified employer retirement plan at a later date. The required minimum distribution begins once you attain the age of 70. An IRS penalty of 10% is charged if withdrawl is made before the age of 59.

Fifth Third Bank IRA CD

Apart from investing in the IRAs Fifth ThirdBank also allows the retired persond to invest in the CDs(Certificate of Deposits). By investing in a Fifth Third CD one can earn high interest rates long with a protection of FDIC Insurance. There are many types of CDs in which one can invest like Standard CD, 7-89 Days CD, 90 Days-84 Months CD. To know more about the CDs one can visit the official website of the Fifth Third Mortgage.

Given below is the table for CD rates. Please note that the CD rates given in the following table is of PITTSBURGH. You can also view the CD rates of your respective locations by entering the zip code of your city

CD TenureInterest Rate (%)APY(%)Minimum Deposit(in $)
11 Month CD Promo0.40%0.40%$5,000.00
18 Month CD Promo0.60%0.60%$5,000.00
24 Month CD Promo0.65%0.65%$5,000.00
36 Month CD Promo0.80%0.80%$5,000.00
60 Month CD Promo1.14%1.15%$5,000.00

If you face any problem or you have any queries regarding the Fifth Third IRAs you can dial the number 1-800-416-8714. You can also fill a contact form by visiting the website of the Bank and provide relevant information like name, phone number, mail address, select from a list of query options like Planning for Retirement, Savings Strategies, Investment Strategies and submit it. You will get reply within 24 hours. In case of queries related to CDs you can dial the number 1(800) 972-3030and solve your query.

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