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  (1) Additional deposits can be made to an IRA - variable rate CD at anytime up to $5,500/yr or up to $6,500/yr for owners who are between 50 and 70.5 years old.

(2)
Christmas Club accounts automatically renew if a deposit is made during the 90 day grace period.

(3)
Early withdrawal penalty varies from 3 to 12 months interest on the amount withdrawn depending on the term of the CD.

(4) There is no charge for
periodic distributions by direct deposit to another account. IRS rules apply.

Certificate of Deposit, Christmas Club and IRA Accounts

Features 
Christmas Club   Certificate of Deposit   IRA - Fixed rate CD   IRA - Variable rate CD  
Minimum to open   $5  $500  $500  $5 
Term   1 year   3 to 60 months   3 to 60 months   18 months  
Additional deposits can be made   Anytime   Not applicable Not applicable See (1)
Earn interest on any balance Yes Yes Yes Yes
Interest compounded and credited   Annually   Monthly   Monthly   Monthly  
Grace period   90 days after maturity   10 days after
maturity  
10 days after maturity   10 days after
maturity  
Automatically renews   See (2) After grace period   After grace period   After grace period  
Withdraw without bank penalty   Must close account   During grace period   During grace period   During grace period  
Early withdrawal penalty   Loss of interest   Yes (3)   See (3) See (3)
Interest available Annually in October     Yes (4) Yes, after age 59.5  (4) Yes, after age 59.5  (4)
Principal available Annually in October At maturity At maturity (4) At maturity (4)
Statement   Not applicable   Maturity notice   Annually   Annually  

          Whether you are preparing for emergencies, financial goals or retirement, we have a savings plan to meet
          your needs.

 

 

   

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