We will be closing at noon on Tuesday, December 24th, 2024 in observance of Christmas Eve.
We will be closed all day Wednesday, December 25th, 2024 in observance of Christmas.
We will resume normal business hours on Thursday, December 26th, 2024.
Thinking about your retirement? Wondering what else you can do to make sure you have enough when you retire? Consider opening an IRA - we offer both Traditional and Roth IRAs.
Many Americans save through IRA's because, like you, they want to enjoy a comfortable retirement. A comfortable retirement begins with sound financial planning, and that's exactly what an IRA represents - part of a sound financial planning package. IRA's offer you a number of advantages.
A retirement fund where you invest your after-tax dollars today, let the investment grow tax-deferred, and withdraw your principal and earnings tax-free after 5 years. (You may be subject to a 10% penalty on the earnings if taken before age 59 1/2).
When Can I Use My IRA Assets?
If you satisfy two conditions, you may make tax-free and penalty-free withdrawals from your Roth IRA. First, the plan must have been open for a minimum of five years. Second, the withdrawal must be made after the occurrence of one of the following events:
Distributions, which meet the above requirements, are referred to as "qualifying distributions." While you may take distributions from your Roth IRA at any time, distributions which are not qualifying distributions will be subject to taxes (and in some cases early distributions penalties) to the extent they exceed your aggregate contributions to Roth IRA's.
Term | Minimum Balance | Interest Rate | Annual Percentage Yield (APY) | Interest Computation |
---|---|---|---|---|
Passbook | $0.00 | 0.70% | 0.70% | Compound Daily |
12 month | $1,000.00 | 3.00% | 3.05% | Compound Daily |
13 month Special | $1,000.00 | 3.87% | 3.95% | Compound Daily |
18 month | $1,000.00 | 2.71% | 2.75% | Compound Daily |
24 month | $1,000.00 | 2.71% | 2.75% | Compound Daily |
36 month | $1,000.00 | 2.71% | 2.75% | Compound Daily |
48 month | $1,000.00 | 2.81% | 2.85% | Compound Daily |
60 month | $1,000.00 | 2.81% | 2.85% | Compound Daily |
To apply for your Individual Retirement Account (IRA), please fill out our online form. A Personal Banker will contact you to finalize the paperwork and answer any questions you may have.