IRA

An IRA is still a great way to save for retirement!

Many people can still deduct the full amount of their IRA contributions for income tax purposes. Even if you can’t take the deduction, the interest you earn is tax deferred until you withdraw your money at retirement.

Contact us for more details.

Early Withdrawal Penalties

Early Withdrawal Penalties on IRA accounts may be imposed for withdrawals before maturity.

If your account has an original maturity of 31 days or less:

The Penalty we may impose is greatest of:

• Seven days interest on the amount withdrawn subject to penalty, if the withdrawal is made within the first six days after the deposit;
• All interest that could have been earned on the amount withdrawal during a period equal to one-half the maturity period; or
• All interest on the amount withdrawn subject to penalty.

If your account has an original maturity of one year or less:

• The fee we may impose will equal three months interest on the amount withdrawn subject to penalty.

If your account has an original maturity of more than one year:

• The fee we may impose will equal six months interest on the amount withdrawn subject to penalty.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosures if the account is part of an IRA or other tax qualified plan.

 

Renewable Accounts

1. Automatically Renewable Time Account

This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will continue to accrue after maturity for up to ten calendar days. The interest rate will be the new rate.

You will have 7 calendar days after maturity to withdraw funds without penalty from an Individual Retirement Account.

2. Non-Automatically Renewable Time Account

This account will not automatically renew at maturity. If you do not renew the account, interest will not continue to accrue after maturity.

 

^{*Individual Retirement Accounts interest rates are fixed for the term of the account. We use the daily balance method to calculate the interest on accounts. To determine the daily periodic rate, we divide the interest rate by the actual number of days in the year. We apply the daily periodic rate to the principal balance in the account each day. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). The disclosed annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.}

^{Interest is accrued daily and credited to your Individual Retirement accounts quarterly. If you close your Individual Retirement account before interest is credited, you will not receive the accrued interest.}