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Certificate Individual Retirement Account (IRA)
IRAs offer both tax and savings benefits. You can open a Certificate IRA with a deposit of only $500. If you maintain a minimum balance of only $.01 in the account, you will obtain the disclosed annual percentage yield.
The interest rate on this account is fixed. You will be paid this rate until the maturity date of the certificate. Interest will be compounded on a daily basis and credited to your account on a quarterly basis. If you request monthly transfers of interest or interest checks to be issued, accrued interest will be credited to your account monthly, then transferred to another account or sent to you by check.
You may not make withdrawals from your account until the maturity date, when your account will automatically renew. You will have seven (7) calendar days (the grace period) after the maturity date to withdraw your funds without being charged a penalty.
Early Withdrawal Penalty
We may impose a penalty if you withdraw any of the IRA certificate principal before the maturity date. The amount of the penalty is as follows:
| Certificate Term | Early Withdrawal Penalty |
| 30 days up to and including 1 Year | 180 days of interest accrued or credited, whether earned or not |
| Greater than 1 Year | 180 days of interest accrued or credited, whether earned or not |
The annual disclosed percentage yield assumes that interest will remain on deposit until maturity. Any withdrawal will reduce earnings. If you reduce the balance in your IRA certificate below the minimum balance requirements, we may impose the penalty on the entire account balance. Any funds left in the account will then receive the interest rate and annual percentage yield paid on passbook savings accounts at that time.
Special IRA Provisions
If funds deposited into a certificate account are to establish an Individual Retirement Account, no penalty will be imposed for any withdrawal that is made within seven (7) calendar days of establishment of the account. In addition to any penalty that we may impose or choose to waive under certain circumstances, there may be additional IRS penalties for early withdrawals. Please refer to or ask to see actual IRA plan documents for specific details.
