IRAs
Terms – 12 month, 24 month, 36 month, 48 month, 60 month
An IRA is a personal savings plan that provides income tax advantages to individuals saving money for retirement purposes.
- Minimum Opening Deposit- $1,000.00
- Penalties for early withdrawal
- If your account has an original maturity of one year: The fee we impose will equal three months interest on the amount withdrawn subject to penalty.
- If your account has an original maturity of more than one year: The fee we impose will equal six months interest on the amount withdrawn subject to penalty.
- Transaction Limitations
- You may make multiple deposits into your account, up to the maximum allowable by law.
- You may make withdrawals of principal from your account before maturity.
- You can withdraw interest accrued in the term before maturity of that term without penalty.
- Other rules apply to ages 59½ and over.
- Compounding and crediting frequency – Daily balance method used to calculate interest on the account. Interest will be credited to your account monthly, quarterly or at maturity when the maturity is less than one year. Alternatively, you may choose to have interest paid to you by check or credited to another account monthly or quarterly rather than credited to this account.
- Automatically renewable time account – This account will automatically renew at maturity.