This is for those of you who are planning for retirement. Working individuals may contribute $5,000 annually and individuals over age 50 may contribute $6,000 annually.
Features and Benefits
- $2,500 minimum balance to open
- Terms available from 12 to 36 months
- Deposits can be made for prior tax year up to April 15 of the current tax year
- Earn tax-deferred money until withdrawal toward retirement
- Enjoy the safety and guaranteed features of a CD
- Withdraw funds at maturity or roll into same term CD
- Interest rate is set at account opening for term of CD
- Early withdrawal penalties may be imposed
- IRS premature distribution penalty tax is imposed if a withdrawal is made before the customer reaches the age of 59 1/2
- IRA transfer fee—$25
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