The variable IRA is basically the same as the fixed IRA, with the exception of the interest rate being variable.
The following are features of the Variable IRA:
Interest rate and annual percentage yield may change after account opening
Fixed IRAs allow you to make tax-deductible contributions to an account which accrues interest of capital gains on a tax-deferred basis until they are withdrawn at your retirement. You must start receiving distributions from your account by April 1 of the year following the year in which you turn age 70 1/2.
The following are features of the Fixed IRA:
There is a minimum opening deposit of $500 for Fixed IRAs
The principal amount of Roth IRAs are not subject to taxes or penalties, as long as you stay within the contribution guidelines. If you do not withdraw any earnings until you have had a plan for at least five years, and satisfies at least one of the qualifying events, those tax-deferred earnings become tax-free.
The amount you contribute may vary from year to year according to your income. For more information contact a customer Service Representative.
The following are features of the Roth IRA:
There is a minimum opening deposit of $100 for Roth IRAs