An IRA, or individual retirement account, can offer tax-deferred growth and even tax savings when used under certain circumstances.
You can turn a Premier Money Market or certificate of deposit into a Traditional, Roth, or SEP IRA plan for your personal retirement. Or choose a Coverdell education savings account (ESA) to help cover a child’s higher education costs.
Premier Money Market IRA
|Minimum Balance||Annual Percentage Yield|
|$1,000 - $9,999||0.20%|
|$10,000 - $24,999||0.25%|
|$25,000 - $49,999||0.35%|
|$50,000 - $99,999||0.55%|
|$100,000 - $249,000||0.80%|
|$250,000 or more||1.00%|
What You Need to Know
You must deposit $1,000 to open this account.
A total of six (6) withdrawals are allowed per month or statement cycle. Debit cards, ATM cards, or checks are not available because IRS regulations require withdrawals to be properly coded for IRS reporting requirements.
A minimum balance fee of $10.00 will be imposed every month or statement period if the balance in the account falls below $1,000 on any day of the month or statement period.
You will have view or inquiry only access to both online and mobile banking. An account statement will be provided monthly. You are limited per the IRS regulation regarding contributions based on age, income, and other factors. Early or premature withdrawals from an IRA may be subject to a 10% early withdrawal tax from the IRS.
The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. 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 monthly and will be credited to the account monthly.
If you use mobile banking to access your account, message and data rates charged by your mobile carrier may apply.
Fees charged to the account could reduce the earnings on the account. If the account is closed before accrued interest is credited, you will receive the accrued interest.
Certificate of Deposit IRA
What You Need to Know
A fixed rate of interest is earned on the entire balance. A minimum opening balance of $500 is required to obtain the disclosed annual percentage yield. There are penalties for withdrawing funds before the set term. The amount depends on the length of the account term.
- 7 - 91 Days: 60 days loss of interest
- 92 - 182 Days: 182 days loss of interest
- 183 - <60 Months: 1 year loss of interest
- 60 Months: 2 years loss of interest
This account can be used to invest your IRA or ESA. For Certificates issued for Individual Retirement Accounts (IRA) or Education Savings Account (ESA), the interest is compounded and credited quarterly for investment terms 12-months or longer. Shorter term pays at maturity. Interest may be withdrawn by IRA holders 59 1/2 or older by transfer to an internal account or ACH to another bank, monthly, quarterly, semi-annual or annually. Interest may be withdrawn by check semi-annually, annually or at maturity, whichever comes first.
Retirement Distributions from any Individual Retirement Account may begin upon permanent disability or death without incurring an early withdrawal penalty. Additional documentation is required. Fees charged to the account could reduce earnings on the account.