Individual Retirement Accounts
We offer a wide
range of retirement plans to suit anyone and everyone's needs
for retirement. Not sure which one will work best for you?
Contact
us to learn more.
Simply click on any one
of the products listed below to learn more...
Fixed Rate IRA
Variable Rate IRA
Penalties For Early Withdrawals On IRA's
Fixed
Rate IRA
- $500.00 minimum
to open
- Minimum maturity
6 months
- Maximum maturity
60 months
- Rate paid will
be comparable to rates paid on time certificates under
$100,000.00 at time account is opened.
- Interest begins
to accrue not later than the first business day after
deposit.
- Interest paid and compounded quarterly and calculated on 365/365 day
basis.
- Deposits may
be added during term of contract.
- The stated
annual percentage yield assumes that interest is compounded
and will remain on deposit until maturity. Withdrawal
of interest prior to maturity will result in a reduction
of earnings on your investment. Interest rates and annual
percentage yield information available on request.
- IRAs are automatically
renewed for term of original maturity, unless customer
notifies bank with written renewal instructions.
- There will
be a ten-day renewal grace period on all IRAs, but no
interest paid if withdrawn during grace period.
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Variable
Rate IRA
- $500.00 Minimum
to open
- Maturity 18
months. Deposits may be added during contract term.
- Rate paid is
variable and is the same as one year certificates under
$100,000.00 on the first business day of each month.
- Interest begins
to accrue no later than the first business day after deposit.
- Interest paid
and compounded quarterly and calculated on 365/365 day
basis.
- Deposits may
be added during term of contract.
- The stated
annual percentage yield assumes that interest is compounded
and will remain on deposit until maturity. Withdrawal
of interest prior to maturity will result in a reduction
of earnings on your investment. Interest rates and annual
percentage yield information available on request.
- IRAs are automatically
renewed for term of original maturity, unless customer
notifies bank with written renewal instructions.
- There will be a
ten-day renewal grace period on all IRAs, but no interest is
paid if withdrawn during grace period.
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Penalties
for Early Withdrawals on IRAs
Penalties
for Participants under the age of 591/2
years:
| 6 month maturity |
30 days interest |
| 12 month maturity |
30days interest |
| 24 month maturity |
90days interest |
| 36 month maturity |
180days interest |
| 48 month maturity |
180days interest |
| 60 month maturity |
180days interest |
| 18 month variable |
90 days interest |
There
will be no penalty for Regular Taxable Withdrawals by participants
age 591/2 and older. However, if your
funds are being transferred to another IRA the same penalties
noted above will apply.
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