Withdrawal Fees and Penalties
There is no administrative fee or penalty for withdrawing money you contributed to your Roth IRA. Those contributions are your money, and you have already paid taxes on them.
If you have previously elected to recharacterize to a Traditional IRA, withdrawals for both contributions and earnings from a Traditional IRA may be taxable and subject to a 10% early withdrawal penalty if taken before age 59 ½.
Please consult a tax professional or financial advisor to understand what rules and restrictions apply to your situation.
Withdrawal Administrative Fees
- ACH transfer to a bank account: no fee
- Paper check: $5 check processing fee
Closing An Account
There are no fees for closing your account.
Program Fees
In the first year, if you choose to stay with the standard options, your account will cost $22.50 plus about 18¢ for each $100 you save. (That’s because MarylandSaves and the program administrator are waiving some fees when your account starts up.) After that, your account will cost $30 per year plus from 18¢ up to about 26¢ per $100 if you stay with the standard options but will be different if you choose other investment options.
There is no asset-based fee for the Emergency Savings Fund. Please see the Program Description for more information about fees.