Individual Retirement Account (IRA)
Traditional IRA and Roth IRA accounts offer:
- Quarterly compounding of interest for faster growth
- The tax advantages:
- a tax deduction on your annual traditional IRA contributions, if you qualify.
- tax-free qualified withdrawals from a Roth IRA
- no taxes on your interest while it accrues in either type of IRA
- Consult your tax advisor.
Rate Information: You will be paid the specified rate until the Maturity Date of Certificate. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings. Interest for your IRA Account will be compounded quarterly and credited to your account on the last day of each quarter- March, June, September, and December. Interest begins to accrue on the business day you make your deposit.
See Fee Schedule for current annual custodial fee.
Minimum Balance Requirements: A minimum of $500 is required to open this account.
Balance Computation Method: We use the Daily Balance Method to calculate the interest on your account. This method applies to a daily periodic rate to the balance in the account each day.
Transaction Limitations: A deposit may be made into your IRA account at any time after the account is opened (unless there is a significant decrease in market rates) without affecting your Maturity Date or the annual percentage yield. It is recommended that a Tax Advisor be consulted prior to making withdrawal from the account. A withdrawal will reduce earnings. No withdrawal penalty will be charged on distributions if you are 59 ½ years of age or older.
Early Withdrawal Penalty: If you withdraw any principal before the Maturity Date, a penalty equal to twelve (12) months simple interest will be assessed on eighteen (18) month CD, and a penalty equal to twenty-four (24) month simple interest will be assessed on a thirty six (36), forty eight (48), and sixty (60) month CD.
Renewal Policy: This account will be automatically renewed for the same term at maturity. You have a grace period of seven (7) calendar days after the Maturity Date to withdraw the funds without being charged a penalty.