Individual Retirement Account (IRA)

  • Designed as an interest bearing retirement account.
  • Deposited funds are invested into a Certificate of Deposit with a term to maturity of 1 year.
  • The minimum deposit required to open an IRA Account in the form of a Certificate of Deposit is $500.
  • Rates will be in effect until the maturity date of the Certificate.  The Annual Percentage Yield assumes interest remains on deposit until maturity.  A withdrawal will reduce earnings.
  • The term required to obtain the Annual Percentage Yield is the full term of the Certificate (until maturity).
  • Interest is compounded monthly and is credited to your account monthly.
  • Interest begins to accrue on the date of deposit, if received by 2:30 p.m.
  • If you close your account before maturity, a penalty equal to one month’s interest may be imposed.  This penalty is the rate in effect on the date of withdrawal.
  • We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal of the account each day.
  • Your certificate of Deposit will automatically renew at maturity.  You will have ten (10) calendar days from the maturity date to withdraw your funds without being charged a penalty.
  • You are allowed to make deposits into the IRA distributions from your account in amounts allowed by Internal Revenue Service rules pertaining to IRA accounts.  There will be no bank penalty for these transactions.
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Bank by phone to obtain information about your checking, savings, or loan account 24 hours a day, 7 days a week by dialing (956) 761-5425 or 1-888-653-9559.