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IRA Savings Account

Account Overview – The IRA Savings Account operates like a regular Statement Savings Account, but with the features of an IRA, including penalties for certain withdrawals.

Rate Information – Your interest rate and annual percentage yield may change.

Compounding and crediting frequency – Interest will be compounded every month.  Interest will be credited to your account every month.

Minimum balance to open the account – You must deposit $100 to open this account

Minimum balance to avoid imposition of fees – A service charge fee of $2 will be imposed every month if the balance in the account falls below $100 any day of the month.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $100 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits – Interest begins to accrue on the first business day after the banking day you deposit non-cash items (for example, checks).