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Truth In Savings


IRA Flex Account Truth in Savings Disclosure

Interest Rate Information

  • The interest rate and annual percentage yield may change at the Bank's discretion, any time without notice. Click here for the current interest rate and annual percentage yield.

Compounding and Crediting of Interest

  • Interest is compounded and credited quarterly to your account. 
  • If you close your account before interest is credited, you will receive the accrued interest.

Accrual of Interest on Noncash Deposits

  • Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Minimum Balance Requirements

  • You must deposit $500 to open this account.
  • You must maintain a minimum balance of $500 in the account each day to obtain the disclosed annual percentage yield.

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.

Maturity Date

  • Your account will mature in 18 months.

Transaction Limitations

  • You may make unlimited deposits into your account. The minimum amount you may deposit is $25.
  • You cannot withdraw principal or interest from this account except on the maturity date, or during the ten (10) day grace period following the maturity date.
  • The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Early Withdrawal Penalty

  • If you request an early withdrawal from this account, you may have to pay a penalty. The penalty amount will equal six (6) months of interest. The interest rate we will use to calculate the interest forfeiture will be the rate of the certificate of deposit.
  • If you withdraw some of your funds before maturity, the interest rate and annual percentage yield for the remaining funds in your account will be unchanged.

Renewal Policy

  • This account will automatically renew at maturity. You will have ten (10) calendar days after the maturity date to withdraw funds without penalty.
  • This account will not renew if you withdraw the funds on the maturity date or if we receive written notice from you on or before the maturity date of your intention not to renew.

Associated Account Fees

  • A $50 IRA transfer fee will be assessed on any funds transferred to an IRA with another financial services provider.

Member FDIC