Seniors on the beach
Personal Savings

Grow your earnings for retirement tax-free or tax-deferred with an FDIC insured Individual Retirement Account.

Account options

Savings IRAs

A savings account with tiered interest rates that allows you to make deposits any time. The higher your balance, the higher the interest rate.


A time deposit account with a fixed rate of return with terms ranging from 1 week to 5 years. Longer terms tend to offer higher rates.


Features & Benefits

Tax advantaged

Funds grow tax-free (Roth) or on a deferred basis (Traditional) until retirement.

FDIC insured

Savings and CD IRAs are insured up to the maximum allowed coverage.


Savings IRAs and CD Savings IRAs offer a stable alternative to investment IRAs.

Choose to structure your account as a Traditional or Roth IRA.

Traditional IRA

A traditional IRA offers the potential for tax-deductible contributions and the opportunity for your earnings to grow tax-deferred until they’re withdrawn.


  • Anyone under 70 ½ years of age with earned income is eligible to contribute
  • Contributions may be tax-deductible
  • Earnings grow tax-deferred until withdrawn
  • Funds are eligible for withdrawal at or after age 59 ½
  • Withdrawn funds are taxed at current tax rate
  • Withdrawals made prior to 59 ½ may incur a 10% penalty
  • Distribution must begin at age 70 ½

Roth IRA

A Roth IRA provides the opportunity for your earnings to grow tax-free.


  • Contributions are not tax-deductible
  •  Contributions (not earnings) can be withdrawn tax free at any time
  • Earnings are tax-free if both criteria are met:
    • Withdrawn after age 59 ½
    • Account has been open five years or more
  • Income based contribution restrictions may apply

Midland States Bank and its representatives do not provide tax or legal advice. Each individual's tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation.