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If your account has an original maturity of one year: The fee we impose will equal three months interest on the amount withdrawn subject to penalty.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account has an original maturity of more than one year: The fee we impose will equal six months interest on the amount withdrawn subject to penalty.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 compounded and credited to your account monthly.
- Automatically renewable time account – This account will automatically renew at maturity.