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INDIVIDUAL RETIREMENT ACCOUNT (IRA)
A Traditional IRA is an excellent supplement to an individual’s
retirement income. Making contributions is flexible, so you can
choose when you want to fund the Traditional IRA. Contributions to a
Traditional IRA may be tax deductible and earnings grow on a
tax-deferred basis.
Begin today to protect your financial future by choosing one of our
Traditional, ROTH or Education IRAs available.
Rate Information: An IRA is an interest bearing account. The
current interest rate and annual percentage yield can be found in
CURRENT INTEREST RATES or by calling 1-866-TO-BE-TRUE (862-3878).
The interest rate on the account is reviewed and set periodically by
the bank based upon market conditions and is subject to change from
time to time. The interest rate and annual percentage yield may
change. Interest begins to accrue from the date of first deposit.
Interest will be credited to the account quarterly. If the account
is closed before interest is credited you will not receive the
accrued interest.
Limitations: A minimum deposit of $500 is required to open
this account. You may make additional deposits to this account. A
penalty may be imposed if funds are withdrawn prior to maturity and
you have not attained the age of 59½. Additional tax penalties may
apply on the amount withdrawn prior to maturity – please consult
your tax professional for advice.
Fees: An annual maintenance fee of $25 per account, which may
be waived depending on balances maintained in other accounts at the
Bank. |
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