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