Traditional and Roth Individual Retirement Accounts

Individual Retirement Accounts will assist you to accumulate funds for retirement. The traditional IRA is an account that allows you to defer taxes on the earning on your contributions until they are withdrawn. Also certain contributions are tax deductible in the tax year for which they are made. The Roth IRA allows only nondeductible contributions and features Tax-free withdrawals for certain distribution reasons after a five year holding period.

  • Minimum deposit of $100 to open an account.
  • Interest is compounded quarterly and credited on the last day of each calendar quarter.
  • Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account quarterly.
  • There is a $100 minimum daily balance required.
  • Premature distributions will be assessed a $25 fee.
  • In addition, if you withdraw any principal before the anniversary date, a penalty equal to three months interest will be charged to your account.
  • You will have a grace period of 10 calendar days after the anniversary date to withdraw funds without being charged a penalty. (Premature distribution fee still applies)
  • There is no withdrawal fee for one withdrawal per calendar month for a normal distribution for customers over 59.5 years. There is a $10.00 fee for the second and subsequent withdrawals during any calendar month.
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Contact State Bank of Herscher @ 815-426-2156 / Limestone @ 815-932-9160