IRA Savings and IRA Money Markets
(Traditional, Roth and or Coverdell)
Rate Information - The dividend rate and Annual Percentage Yield may change every dividend period, as determined by the rate committee and approved by the board of directors.
Compounding and Crediting - Dividends will be compounded monthly and will be credited monthly. The dividend period for this type of account is monthly, beginning on the first of the month and ending on the last day of the month.
Minimum Balance Requirements - For IRA Savings, the minimum balance required is $5. For VIP/Prestige IRA Money Market, $2,400, and for IRA Money Market Plus, $10,000. You must maintain the minimum daily balance in your account to obtain the disclosed Annual Percentage Yield. If, at any time during the month, your account balance falls below the minimum amount, your account will be subject to a service fee and a reduced interest rate.
Balance Computation Method - IRA Savings dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in your account each day. IRA Money Market dividends are calculated by the daily balance method which applies a daily periodic rate each day you have a balance of $25 or more.
Accrual of Dividends - Dividends will begin to accrue on the business day you make the deposit.
Transaction Limitations - This account is covered by the IRS rules governing IRA accounts.
IRS penalties might apply to certain withdrawals; all transactions must be authorized. No electronic withdrawals are allowed on this account.