Individual Retirement Accounts

Variable and fixed rate IRA certificates are offered for fixed terms, compounded daily, calculated on a 365/360 day factor, and paid quarterly, with a minimum opening balance of $25. The interest rate and annual percentage yield on the variable rate IRA account may change weekly after the account is opened. The rate is determined by matching the current rate being offered on the 12 month fixed rate IRA certificate. There are no percentage restrictions that the interest rate may change.

The method of calculating interest remains the same as the fixed rate certificate. A statement will be mailed at the end of June and December each year. The maximum IRA annual fee is $15.00 per IRA plan. Credited interest may be withdrawn at any time without penalty; a three month loss of interest penalty will apply on early withdrawals from the principal amount, which may reduce earnings (separate IRS early withdrawal penalties may apply, however). Early withdrawal penalties will not apply for anyone over the age of 59 ½.

 

 

 

 

 

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