Retirement & IRAs

Washington Trust offers both traditional and Roth IRA options. Created to encourage individuals to save for and manage their retirement, IRAs have the benefit of an interest-bearing investment, with the added bonus of potential tax deductibility, deferment, or even tax-free earnings.

Compare IRAs

comparison of IRAs (individual retirement accounts)
Traditional IRARoth IRA
Who can contribute?Anyone with earned incomeDepends on modified adjusted gross income (MAGI)
How much can be contributed a year?100% of earned income up to a maximum of that year's standard contribution limitsMay contribute the lesser of that year's standard contribution limit or 100% of earned income, subject to Modified Adjusted Gross Income (MAGI) limits
How does the account grow?Tax-deferred until withdrawnTax-free when distribution guidelines are met
Are the contributions deductible?1All or part of the contribution is – if you qualifyContributions are never deductible
When is federal income tax due?1Due upon withdrawal of earnings and deductible contributionsNo federal income tax when distribution guidelines are met
How long can contributions be made?As long as income is earnedAs long as income is earned
When does the IRA need to be distributed by?Mandatory distributions start at age 73Does not have a mandatory distribution age

1 Seek the advice of a qualified tax accountant or refer to IRS Publication 590 for details concerning deductibility.

Contribution limits are subject to Cost-of-Living (COLA) adjustments. Additionally, if you have attained age 50 or older by the end of your taxable year, you are eligible to make catch-up contributions.

Your selection depends on a few factors – including age, income and whether you’re investing in an employer plan. Get started saving for retirement now – no matter what stage of life you are in.

Withdrawals may be subject to a certificate of deposit early withdrawal penalty if taken outside of the grace period. Please see Deposit Account Disclosure – Personal Products or the Deposit Account Disclosure – Business Products for full terms and conditions.

For further details on earned income limits and distribution guidelines, see IRS Publication 590.

Fixed-Rate IRA CD

Take advantage of tax benefits, with a fixed rate.


Fixed-Rate IRA CD details
Term6 months to 5 years
Minimum deposit to open$500
Interest rateRate fixed for full term. Compounds daily.
Special featuresAdditional deposits allowed only at renewal.

Floating-Rate IRA CD


Floating-Rate IRA CD details
Term18 months
Minimum deposit to open$100
Interest rateThe interest rate and annual percentage yield can change. Compounds daily.
Special featuresAdditional deposits of $50 or more may be made to this account at any time.
Additional product information and details for Fixed-Rate IRA Additional product information and details for Floating-Rate IRA