Money Market IRA

You can start saving with a Money Market IRA account with just $1. It offers competitive interest rates and no monthly maintenance fee. Perfect for those new to IRAs. Visit a branch to learn more and get started.

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Benefits of a Money Market IRA

A Money Market IRA with Huntington can be part of a Traditional or Roth IRA.

Competitive Interest Rates

On balances of $2,500 and more

No Maintenance Fee

Account comes with no monthly or annual custodian fees

FDIC Insured1

Leveraging a FDIC-insured account to diversify the risk-level of a portfolio

Tax Benefits

Consult a tax professional to maximize this benefit2

No Bank Penalty

There are no early withdrawal penalties charged by the Bank on this account, however, money market account withdrawal limits apply3 and you may be subject to IRA tax penalties2.

Total Relationship Balance

Balance counts toward the overall relationship balance, reducing fees on certain types of accounts4

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 Account3.

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 limits2. Visit 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 them. 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) is generally tax-free unless if paid within initial five-year period or if you are under 59½2.

Money Market Accounts typically have a high average minimum balance requirement. A Money Market Cash 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 $2,500 opening threshold and low balance for competitive rates allows people of all income levels the ability to invest in their own futures. Investing isn't just for the wealthy. Your current income is no longer a barrier to investing in your future.

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 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.

Money Market IRAs that are part of a Traditional IRAs have a mandatory minimum distribution that starts at age 70 ½ if you turn 70 ½ by December 31, 2019, or at age 72 if you turn 72 after December 31, 2019. If the account is part of a Roth IRA, there is no mandatory minimum distribution. Bank penalties may apply if you're withdrawing contributions from a CD IRA as part of a Roth IRA. CD IRAs come with a grace period that occurs around the maturity date. You can withdraw contributions at that time, but Money Market IRAs don't have that limitation. There aren't bank penalties with a Money Market IRA.

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1FDIC coverage up to customer's applicable limits.

2This information does not constitute tax or legal advice.  Please consult your tax advisor or attorney.

3Regulations limit the number of transfers that can be made on a money market account during a statement cycle.

4Qualifying 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 (IRA’s), 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.

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