Individual Retirement Account

  • The interest rate on your account will be paid until the anniversary date of the account.
  • Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
  • Interest will be compounded and credited to your account quarterly.  If you close your account prior to the maturity you will not receive the accrued but un-credited interest.
  • The annual percentage yield assumes interest will remain on deposit until maturity.  If you close your account or make a withdrawal prior to maturity, a three month penalty may be applied.  A withdrawal will reduce earnings.
  • This account will automatically renew at maturity.  You will have ten (10) calendar days after the maturity date to withdraw the funds without being charged a penalty.
  • We use the daily balance method to calculate interest on your account.  This method applies a daily periodic rate to the principal in the account each day.
  • Additional deposits made to your IRA will earn the same interest rate and annual percentage yield that is in effect at maturity.


Last updated on Jul 18, 2013

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