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Retirement Products

Choose an IRA Product

Once you choose an Individual Retirement Account (IRA) plan, you can choose from a variety of products in which to keep your IRA savings. Elsewhere Bank IRA products include CDs and savings accounts that generate earnings with less risk than traditional investments like stocks or bonds.

IRA Savings Accounts

Choose the IRA Savings account that best meets your needs. Current interest rates are available at your local branch. For more information or to open an IRA Savings account, please visit one of our branches or call 1-800-555-9000.

IRA Savings
  • $250 minimum opening deposit
  • Interest is variable, compounded daily and credited quarterly
  • For balances between $250 and $9,999
  • Maximum annual contribution as defined by IRS guidelines
IRA Savings Plus
  • $10,000 minimum opening deposit
  • Interest is variable, compounded daily and credited quarterly
  • For balances between $10,000 and $49,999
  • Maximum annual contribution as defined by IRS guidelines
IRA Savings Premium
  • $50,000 minimum opening deposit
  • Interest is variable, compounded daily and credited quarterly
  • For balances of $50,000 and above
  • Maximum annual contribution as defined by IRS guidelines

IRA Certificates of Deposit (CDs)

1, 3 and 5-year terms available to help you meet your retirement goals.

Product Term
1-Year IRA CD 12 months
2-Year IRA CD 24 months
3-Year IRA CD 36 months

Important information about IRA accounts

Fees

No opening fee. Annual administration fee is $15 per year, per plan. Please refer to the Bank’s Service Fees Schedule and Consumer Checking & Savings Accounts Brochure for more information regarding required balances and applicable fees for these accounts. Maximum annual contribution as defined by IRS guidelines.

Early Withdrawal Penalties

A penalty may be imposed for withdrawals before maturity:

  • If your account has an original maturity of 7–30 days: the fee we may impose is all interest earned or that could have been earned during the term.
  • If your account has an original maturity of 31–90 days: the fee we may impose will equal one months interest earned or that could have been earned on the amount withdrawn subject to penalty.
  • If your account has an original maturity of 91–365 days: the fee we may impose will equal three months interest earned or that could have been earned on the amount withdrawn subject to penalty.
  • If your account has an original maturity of 366 days or more: the fee we may impose will equal six months interest earned or that could have been earned on the amount withdrawn subject to penalty.
Waiver of early withdrawal penalty

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if the account is part of an IRA or other tax qualified plan.

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