SunTrust Bankâ€™s IRA CDs require a $2,000 minimum opening deposit and your rate will be based on how much you initially deposit. You can earn tax-deferred earnings and your account is insured up to the FDIC limit. Youâ€™ll earn interest from the date you make a deposit and itâ€™ll be compounded daily. Depending on your status, you may be subject to contribution limits so itâ€™s best to check with a SunTrust advisor.
Any interest earned can be rolled into the principal or withdrawn. Youâ€™ll earn only 0.01% interest on qualifying deposits which is significantly lower than other banks.ther account. You can see how your investment is doing anytime by logging into SummitViewÂ®, which is SunTrustâ€™s wealth management software. Also, your IRA CD will be automatically renewed once the 10 day grace period (including non-business days) is over. You will be sent a reminder when the IRA CD reaches maturity, but there will not be a confirmation of renewal.
Like their regular CDs, there are early withdrawal penalties or if you decide to transfer ownership of your CD before the maturity date. These penalties are based on how much time is left until your maturity date.
The early withdrawal penalties are as follows:
If you havenâ€™t earned enough interest to cover the early withdrawal penalty, SunTrust will use some of the principal amount to cover it. In addition, you may be subject to an additional tax penalty by the IRS if youâ€™re less than 59 Â˝ years old.
To open a SunTrust Bank IRA CD, youâ€™ll need to call the SITS client advisory center at 1-877-962-9032 to speak to a representative.