Retirement Account

Traditional & Roth Individual Retirement Accounts

Truth in Savings Disclosure

  • 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 (e.g., 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 deopsit until maturity. If you close you account or make a withdrawal prior to maturity, a three month payment 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. On the maturity date, your CD will be renewed at the interest rate and annual percentage yield in effect on the maturity date.
  • After the account is opened, you may not make deposits into this account until the maturity date.
  • If the original term of your certificate is 12 months or less, you will be charged an early withdrawal penalty of 3 months interest if you redeem your certificate prior to maturity.
  • If the original term of your certificate was in excess of 12 months, you will be charged an early withdrawal penalty of 6 months interest if you redeem your certificate prior to maturity.
  • 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.
  • On the anniversary date the entire balance in your IRA will renew at the interest rate and annual percentage yield in effect on the anniversary date.
  • Your interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on deposits made prior to maturity.
 
 
Last updated on Apr 10, 2018

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