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 credited monthly. The dividend period for this type of account is monthly beginning on the first and ending on the last day of the month.
Minimum Balance Requirements - For IRA Savings, the minimum balance required is $5. For VIP IRA Money Market, $2,400, IRA Money Market Plus, $10,000, and for IRA Premium Money Market, $100,000. You must maintain the minimum daily balance 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. During any statement period, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction. Transfers made by check, draft, debit card, or similar order to a third party will also be counted towards this transaction limitation. For every withdrawal or transfer over the stated limit, your account will be subject to a fee.