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Build a solid financial foundation

An individual retirement account is the reward for your effort.
CD IRA1
If you're searching for a short or medium-term conservative investment strategy.
Open IRA 001-type_svg
ACCESS A SAVED APPLICATION 001-type_svg
Open it with as little as: $250
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Terms of 1, 2, 3, and 5 years.
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Interest rate is compounded daily and credited in a quarterly basis.
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Quarterly account statement.
Benefits
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Principal and interest insured by the FDIC.
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Available in deductible and non-deductible (Roth) from your income tax return.
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CD IRA Roth qualified distributions are 100% tax-exempt.
IRA Fácil1
If you are looking for a conservative investment in the short term.
Open IRA 001-type_svg
ACCESS A SAVED APPLICATION 001-type_svg
Open it with as little as: $250
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30-day term.
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Interest rate is computed daily and credited in a monthly basis.
Benefits
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Principal and interest insured by the FDIC.
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Deductible from your income tax return.
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Flexibility when depositing or withdrawing money from the account without bank penalties.
IRA Educativa1
If you're searching for a conservative investment strategy to help you cover college education.
Open IRA 001-type_svg
ACCESS A SAVED APPLICATION 001-type_svg
Open it with as little as: $100
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Terms of 1, 2, 3, and 5 years.
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Interests will be compounded daily and credited in a quarterly basis.
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Quarterly account statement.
Benefits
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Principal and interest insured by the FDIC.
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Tax deferral of up to $500 per minor.
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Helps cover post-secondary education costs for a minor (children, grandchildren, nieces, nephews, etc.).
CD IRA1
If you're searching for a short or medium-term conservative investment strategy.
Open IRA 001-type_svg
ACCESS A SAVED APPLICATION 001-type_svg
Open it with as little as: $250
image
Terms of 1, 2, 3, and 5 years.
image
Interest rate is compounded daily and credited in a quarterly basis.
image
Quarterly account statement.
Benefits
image
Principal and interest insured by the FDIC.
image
Available in deductible and non-deductible (Roth) from your income tax return.
image
CD IRA Roth qualified distributions are 100% tax-exempt.
IRA Fácil1
If you are looking for a conservative investment in the short term.
Open IRA 001-type_svg
ACCESS A SAVED APPLICATION 001-type_svg
Open it with as little as: $250
image
30-day term.
image
Interest rate is computed daily and credited in a monthly basis.
Benefits
image
Principal and interest insured by the FDIC.
image
Deductible from your income tax return.
image
Flexibility when depositing or withdrawing money from the account without bank penalties.
Educational IRA1
If you're searching for a conservative investment strategy to help you cover college education.
Open IRA 001-type_svg
ACCESS A SAVED APPLICATION 001-type_svg
Open it with as little as: $100
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Terms of 1, 2, 3, and 5 years.
image
Interests will be compounded daily and credited in a quarterly basis.
image
Quarterly account statement.
Benefits
image
Principal and interest insured by the FDIC.
image
Tax deferral of up to $500 per minor.
image
Helps cover post-secondary education costs for a minor (children, grandchildren, nieces, nephews, etc.).
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Interest rates
Term
Annual Percentage Yield (APY)

CD IRA & CD IRA ROTH

Minimum opening balance: $250

 

CD IRA Educativa

Minimum opening balance: $100
1 year

1.56%

2 years

1.81%

3 years

2.07%

4 years

2.32%

IRA Fácil

Minimum opening balance: $250

30 days

0.05%
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Interest rates

CD IRA & CD IRA ROTH

Minimum opening balance: $250

 

CD IRA Educativa

Minimum opening balance: $100
Term
Annual Percentage Yield (APY)
1 year
1.56%
2 years
1.81%
3 years
2.07%
5 years
2.32%

IRA Fácil

Minimum opening balance: $250
Term
Annual Percentage Yield (APY)
30 days
0.05%
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Check your balances instantly!
Do it easily from the Oriental app.
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Why should I open an IRA Account?
An IRA Account allows you to save money for retirement.
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You're investing in your future while preparing for a comfortable retirement, meeting your needs, and achieving your personal and professional goals.
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You can deduct IRA contributions when filing your tax return as a tax relief. The maximum is $5,000 per individual or $10,000 per married couple, as permitted by law.
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It’s a savings option that helps you prepare for the future while reducing what you pay in income taxes.

Frequently asked questions

What is an IRA Account?
An IRA is an individual retirement account designed for anyone who receives an income to save money to use during their retirement. Furthermore, it´s one of the options in the Internal Revenue Code of Puerto Rico as a tax relief mechanism when filing the income tax return.
Who can open an IRA Account?

Any person who earns income from:

  • Salary (salary, wages, tips, bonuses, commissions) earnings attributable to professions or occupations.
  • Services provided (DOES NOT INCLUDE interests, dividends, rents, royalties, alimony income, and other non-employment income).   
  • The person must be under 75 years of age at the end of the taxable year to establish an IRA account. There is no age limit for contributing to a non-deductible IRA (ROTH).
When can contributions be made?

You may contribute up to the deadline for filing the returns for the said taxable year, which is usually April 15th.

  • If the taxpayer files a return with an extension, he/she may contribute to an IRA account until the expiration of the extension for said taxable year.
  • You may contribute for a taxable year on the first calendar day of that year.
What advantages does it offer?
  • Promotes savings.
  • Deferred tax payments until retirement.
  • Funds protected from third-party claims.
What is the difference between a deductible and a nondeductible IRA?
  • Deductible: The contributions to the said account are deductible from the gross income, and the income generated is not taxed until the moment of distribution.
  • Nondeductible: Contributions to the said account will NOT be deductible for tax purposes. But qualified distributions, including income generated by the account, will be exempt from taxes.   
What is the maximum amount I can contribute to an IRA?
  • The maximum contribution in all your accounts must not exceed $7,000 for an individual or $10,000 per married couple who file jointly.
  • In the case of Educational IRAs, you may contribute up to a maximum of $1,000 per child.
Can I make transfers to an IRA?
  • Yes, as long as it´s a transfer from a qualified account. You can make transfers between IRA accounts of different banking institutions and 401K retirement plans without requiring a minimum or maximum balance.
  • Transfers between IRA Accounts do not entail a penalty from the Treasury, but they may carry an instrument penalty and/or a penalty from the financial institution.
What are the penalties if I withdraw my IRA?
There are two types of penalties: the financial institution and the Treasury Department. The product type and policies determine the financial institution penalties (see below). You can withdraw your IRA without tax penalty after age 60. If you withdraw before turning 60, you are subject to a penalty of 10% of the amount withdrawn. There are exceptions. For more information, visit the Treasury Department's website.
How can I transfer (rollover) my IRA account to Oriental Bank?
To transfer your IRA to Oriental, we will help you choose the IRA that suits you to transfer your funds. We will complete the necessary information and then contact your current bank to complete the transaction of change for you.

Disclosure

(1) Request detailed information to determine the IRA that most fits your needs as we officer other types of IRAs. IRA Disclosure Statement

 

Penalties for early withdrawal of the instrument - CD IRA and IRA Educativa will consist of 365 days of interest on the amount of the premature withdrawal. For IRA Fácil, the Bank will not impose a penalty for premature withdrawals.

 

In addition, the penalties imposed by the Department of the Treasury of Puerto Rico consist of a tax penalty of 10% (15% in certain cases). That apply for any premature withdrawal before age 60 that does not meet any of the special conditions allowed and can apply regardless of whether the tax penalty of 10% (15% in certain cases) applies or not. Distribution by check will be charged $14.99. Any transfer to an individual retirement account at another institution will incur a $54.99 fee, except for the Educational IRA. Products offered by Oriental Bank, FDIC Member.

 

To collaborate with the government in the fight against the financing of terrorism and money laundering activities, the federal law requires that every financial institution obtain, verify and record information that allows identifying any person who opens an account. For you this means that when you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We will also request that you show us your driver’s license or other identification documents. In addition, Effective May 2018, EACH time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number, % Ownership as well as identification documents) for each individual that has beneficial ownership (25% or more) and one individual that has significant managerial control of the Legal Entity. If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation (Certification of Beneficial Owner) and to certify that this information is true and accurate to the best of your knowledge.