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IRA Certificate of Deposit

IRA Certificate of Deposit

Mercantile Bank’s IRA CDs offer tax-deferred retirement savings with flexible terms, low minimum deposits, and options to adjust rates or add funds during the term.

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Features & Benefits You've Come to Expect

  • Earn more tax deferred interest on your retirement savings
  • Minimum deposit is $500
  • Available in terms of 1-60 months
  • Available in an Add to CD; add funds at any time during the term of the CD
  • Available in a Flex CD; allows a one-time “flex” in the interest rate you can earn
  • If funds are withdrawn from the CD before the maturity date, the bank may impose an early withdrawal penalty (not an IRS penalty)

Contribution Limits

IRA Type 2024 2025

Traditional

$7,000

$7,000

Roth

$7,000

$7,000

Catch-Up Contribution
*For IRA Owners 50 and Older*

$1,000

$1,000

SEP

$69,000

$70,000

IRA Frequently Asked Questions

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.