Open a Money Market IRA
Money Market IRA Features
A Money Market IRA with Huntington can be part of a Traditional or Roth IRA.
Competitive Interest Rates
Receive competitive interest rates on balances of $2,500 and more.
No Maintenance Fee
With the Money Market IRA, there’s no monthly or annual custodian fees.
FDIC-Insured Savings
Our Money Market IRA is FDIC insured up to applicable limits.¶
Tax Benefits
Consult a tax professional to maximize this benefit.†
No Bank Penalty
There are no early withdrawal penalties on this account, however, you may be subject to IRA tax penalties.†
Total Relationship Balance
Balance counts toward the overall relationship balance, reducing fees on certain types of accounts.§
Money Market IRA Provides Benefits Before and After you Retire
Before Retirement
Money Market IRA is a way to save for retirement through an FDIC-insured investment.¶ All investments have some level of risk, but bank Money Market IRAs are considered a lower-risk investment.
After Retirement
After you retire, a no maintenance fee Money Market IRA provides easy access to your funds just like a regular Money Market Account.
Money Market IRA Interest Rates
Rates effective as of Monday, November 04, 2024.
Money Market IRA | |||
---|---|---|---|
Balance
|
Interest Rate
|
APY*
|
|
$0.01 to
$2,499.99 |
0.50%
|
0.50%
|
|
$2,500.00 to
$2,000,000.99 |
0.50%
|
0.50%
|
|
$2,000,001.00 to
$99,999,999,999.99 |
0.50%
|
0.50%
|
MINIMUM OPENING DEPOSIT IS $1.00. MINIMUM BALANCE TO EARN INTEREST IS $0.01. *ANNUAL PERCENTAGE YIELD (APY) ACCURATE AS OF EFFECTIVE DATE STATED ABOVE. RATES MAY CHANGE AFTER ACCOUNT IS OPENED. MAXIMUM ANNUAL CONTRIBUTION LIMITS APPLY. WITHDRAWALS BEFORE AGE 59½ MAY BE SUBJECT TO A PENALTY. THE FEDERAL GOVERNMENT REQUIRES MINIMUM DISTRIBUTIONS ANNUALLY FROM TRADITIONAL IRAS AFTER YOU REACH THE REQUIRED MINIMUM DISTRIBUTION AGE. HUNTINGTON(R) IS A FEDERALLY REGISTERED SERVICE MARK OF HUNTINGTON BANCSHARES INCORPORATED. MEMBER FDIC.
How Do Money Market IRAs Work?
While you're saving for your retirement, you can make a deposit anytime into your Money Market IRA. The deposits you make are called "contributions." The annual monetary amount of contributions into an IRA as a whole is capped by the IRS, but a Money Market IRA gives you the freedom to make an unlimited number of deposits on your own schedule up to your applicable contribution limits.† Visit www.irs.gov to learn more about contribution caps.
If you have a Traditional IRA, your contributions could be deducted from your taxes and they’re made with pre-tax dollars. Your income, marital status, filing status, and whether you have another retirement plan at work all factor in to if you can deduct your contributions and how much you can deduct. Consult a tax professional if you’re looking at opening a Money Market IRA as a means of lowering your tax burden.
If you have a Roth IRA, the contributions are not tax deductible and they're made with post-tax dollars. Since the taxes on that income have already been paid, your distributions (the amount you get in retirement) are generally tax-free unless paid within initial five-year period or if you are under 59½†.
Money Market Accounts typically have a high average minimum balance requirement. A Money Market IRA with Huntington can be started with as little as $1 with our competitive rates kicking in when you reach a balance of $2,500 and there’s no monthly fee for the account. The low amount required to open and $2,500 balance threshold for competitive rates allows people of all income levels the ability to invest in their own futures. Investing isn’t just for the wealthy.
The number of deposits to a Money Market IRA is unlimited, however, there are contribution (monetary) limits for an IRA as a whole. The IRS sets contribution limits every year. This limit does not prevent an investor from consolidating retirement assets into a Money Market IRA. Visit www.irs.gov to learn more contribution limits.
It’s possible to consolidate an old 401(k) from a previous employer that’s no longer being actively managed, a lower-yielding IRA, or multiple retirement assets at various financial institutions into an FDIC-insured Money Market IRA. The standard deposit insurance coverage limit is $250,000 for each depositor for all deposit accounts, at each FDIC bank, at each ownership category. Talk to a financial or investment advisor if you want to consolidate your investments and think your principle and earnings will equal more than $250,000.
A withdrawal made before the age of 59 ½ is considered an "early withdrawal". Early withdrawals may have IRS and bank penalties. If you're considering making an early withdrawal from your retirement account, consult your financial or investment advisor and a tax advisor.
The SECURE 2.0 Act was signed into law on December 29, 2022, making numerous changes that affect IRAs. Starting with 2023, one of those changes was to increase the age that required minimum distributions (RMDs) are to begin from age 72 to 73 for IRA owners who were born January 1, 1951, through December 31, 1959. The IRS has now released guidance for IRA sponsors on reporting RMDs for 2023.
Watch Your Savings Grow
Huntington Money Market Accounts
Unsure which money market account is best for you? Learn more about our other money market account options.
Huntington Relationship Money Market Account
Earn a competitive interest rate on all balances above $25,000 and skip the monthly maintenance fee when you also own a Huntington Perks Checking® or Huntington Platinum Perks Checking® account or with an average daily balance of $25,000; otherwise $25.
Huntington SmartInvest Money Market® Account
SmartInvest Money Market account is an exclusive account available to Huntington SmartInvest Checking® customers. We shop the market for you and competitively price the account based on where the market is right now. Plus, the SmartInvest Money Market account has two tiers, rewarding you with better rates as you grow your relationship.
Money Market IRA FAQs
Answer: A Money Market IRA is a type of money market account that’s held within a retirement account, like an IRA or 401(k). With a Money Market IRA, your deposits are placed in lower-risk environments compared to stock market investment options, and your deposits are liquid—meaning you’ll have easier access to your money.
Answer: With a Money Market IRA, you can deposit money into your account and earn interest based on your zip code and account balance. The deposits are invested in low-risk investments that might not earn as much as a traditional IRA or CD, but the funds in a Money Market IRA are secure and convenient to access if needed. Also note that a Money Market IRA is usually governed by a retirement plan agreement, which means you may not be able to withdraw money without penalty until you reach a minimum age, like 59½. However, the account balance may be able to grow tax-free.
Answer: While you’re saving for your retirement, you can make a deposit anytime into your Money Market IRA. The deposits you make are called “contributions.” The annual monetary amount of contributions into an IRA as a whole is capped by the IRS, but a Money Market IRA gives you the freedom to make an unlimited number of deposits on your own schedule up to your applicable contribution limits.† Visit irs.gov to learn more about contribution caps.
Answer: A withdrawal made before the age of 59½ is considered an "early withdrawal." Early withdrawals may have IRS and bank penalties. If you're considering making an early withdrawal from your retirement account, consult your financial or investment advisor and a tax advisor.
Answer: Yes. At Huntington, Money Market IRA is insured up to FDIC limits ($250,000 per depositor, per ownership category).¶
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¶FDIC. FDIC coverage up to customer's applicable limits.
†Taxes. This information does not constitute tax or legal advice. Please consult your tax advisor or attorney.
§Total Relationship Balance. Qualifying Relationship Balances include your money that is on deposit in all of your Huntington consumer deposit accounts (checking, money market, savings, certificate of deposit (CDs) , and individual retirement accounts (IRAs), owned by you and jointly with someone else, and, all Huntington Consumer investments (IRA and non-IRA) held in brokerage, trust, or managed money accounts. Other eligible accounts include existing annuities with a cash value account balance opened by The Huntington Investment Company. Investment , trust and annuity account balances will be assessed based on their respective balances that are periodically reported to Huntington systems by a variety of third-party sources.