Traditional IRA CD

If you're just starting to save for retirement or are looking to get your retirement plan back on track, IRA CDs may be the right choice for you.

Interest-rate deposits are set at a fixed rate for a fixed term. Traditional IRA contributions are pre-taxed income and may qualify for a tax deduction the year of contribution.  Consult your tax advisor for more information.

• Tax-deferred growth
• Interest accrues daily
• Interest is deposited at maturity (annually if 12 months or longer)
• $100 opening deposit
• $6,500 maximum annual contribution ($7,500 for individuals age 50 or older)
• No contributions permitted after 70
• Mandatory distributions begin after 70 1/2
• Automatically renewable with a 10-day grace period

To open a Traditional IRA CD, visit your favorite i-bank branch.

Contact i-bank for current interest rates and annual percentage yields.

Terms: You must deposit at least $1,000 to open this account.  The interest rate for this account is fixed. Your interest rate and annual percentage yield may change at our discretion.  Interest will be compounded annually.  Interest will be credited annually.  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.  A penalty will be imposed for withdrawals before maturity.  This account will automatically renew at maturity.  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.  Each renewal term will be the same as the original term, beginning on the maturity date.  The interest rate will be the same as the current rate being paid on this type of product.

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