IRA and Roth Products

Current Rates – 04/27/2017

PRODUCT RATE APY%*
IRA 12 month IRA 0.90 0.90%
18 Month IRA 1.00 1.00%
30 Month IRA 1.19 1.20%
48 Month IRA 1.49 1.50%
60 Month IRA 1.98 2.00%

 *APY refers to Annual Percentage Yield        

Traditional IRAs and Roth IRAs

Rollovers & Transfers:

  • Rollovers and transfers are two methods of moving assets between retirement plans.
  • Trustee transfers occur when funds are sent directly between institutions.  You are allowed an unlimited number and they are not reported to the IRS.  Midstate never charges a fee for this service.
  • Rollover funds occur when funds are sent from the trustee to the participant.  They can be redeposited only within sixty (60) days of distribution.  An IRA may receive an unlimited number of rollover deposits.
  • Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number if IRAs you own.
  • ** Deposits which were rolled are not eligible for further rollovers until 12 months from when they were distributed from the original IRA.

Customers aged over 59 1/2:

  • Midstate offers a rate increase for our customers over 59 1/2.  If interest rates should rise, the participant can bump their rate once within a twelve month period.
  • A customer who has attained age 59 1/2 may also withdrawal funds from their IRA account at any time without penalty.

Roth IRAs


The Roth IRA was created by Congress in 1997 and named after Senate Finance Committee Chairman, William Roth.  Although similar in many aspects to the traditional IRA, it offers some unique benefits.

  • Once a Roth accountholder’s account has been opened for 5 years and the depositor has reached 59 1/2 – all withdrawals (including earnings) are tax free. There are some exceptions to this rule.  If you want further information, contact us as shown below.
  • A customer can open and contribute to a Roth IRA whether or not he or his spouse are covered by another retirement plan.
  • Contributions can be made at any age as long as the depositor has “earned income”
  • No mandatory distributions regardless of age.

ALL TAXPAYERS SHOULD HAVE A SAVINGS PLAN TO GUARANTEE A SECURE FINANCIAL RETIREMENT AND IRA’S ARE AN IMPORTANT PART OF THIS PLAN.  THEY PROVIDE SIGNIFICANT INCOME FOR RETIREMENT AND OFFER TAX BENEFITS ALONG THE WAY.