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Investment for IRAs.
This is an interest bearing account. The interest rate and annual
percentage yield may change. At our discretion, we may change the
interest rate on the account the first business day each month.
Interest begins to accrue no later than the business day we receive
credit for the deposit of noncash items (for example, checks). Interest
will be compounded quarterly and will be credited to the account
quarterly. The annual percentage yield assumes interest will remain
on deposit until maturity. A withdrawal will reduce earnings.
We use the daily balance method to calculate the interest on the
account. This method applies a daily periodic rate to the principal
in the account each day.
You must deposit $25 to open this account. IRA RULES APPLY TO THIS
ACCOUNT.
Your account will mature in 24 months. If you withdraw any of the
principal before the maturity date, we may impose a penalty of 91
days interest earned or that could have been earned if under age
59 1/2 . This account will automatically renew. You have 10 days
after the maturity date to withdraw funds without penalty.
For individuals wishing to invest money for retirement.
Anyone with earned income and under the age of 70 ½ can
open a traditional IRA. There are no age limits on a Roth IRA.
- If the IRA is established as anything other than the 24-Month
Variable , it must be opened with a minimum deposit of $1,000.00;
and additional deposits to the IRA are not allowed until the maturity
date of the IRA.
- The rate of the 24-Month Variable IRA is based on the regular
24-month CD plus 0.25. This rate can change on the first day of
each month.
- Minimum opening deposit is $25.00.
- Because of the variable rate, deposits may be made at any
time.
- Interest is tax deferred until funds are withdrawn.
- No service charges or maintenance fees.
- We offer regular (traditional), spousal or Roth IRA’s
and SEPs.
- Interest is compounded quarterly.
- CD is automatically renewable.
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