18 Month CD Semi Annual (Traditional IRA)
A traditional Individual Retirement Account (IRA) is a personal savings plan that gives you tax advantages for setting aside money for retirement.
Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances.
Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed.
Annual Percentage Yield (APY): 1.00%
Rate Information: This Account is an interest bearing account. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account January 1st and July 1st of each year. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest will be compounded semi-annually and will be credited to the account semi-annually. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. You must maintain a minimum balance of $500.00 in the account each day to obtain the disclosed annual percentage yield.
Limitations: You must deposit $500.00 to open this account.
Time Account Information: Your account will mature in 18 Months IRA. If you withdraw any of the principal before the maturity date, we may impose a penalty of 3 months of interest. If the account is closed before interest is credited, you will not receive the accrued interest. This account will automatically renew. You will have 10 calendar days after the maturity date to withdraw funds without penalty. If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term.