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IRA

Individual Retirement Account/IEP

It’s never too early or too late to start planning for retirement.

Variable Rate

  • $100 minimum deposit required
  • Terms of one year
  • Deposits of $25 or more can be made to the account at any time
  • The interest rate for the account will be the same as that offered on Pennian Bank’s 6 month Certificate of Deposit and will be adjusted quarterly.
  • Interest is compounded monthly and credited to your account monthly until maturity.
  • Interest begins to accrue on the business day you deposit noncash items
  • Automatically renews at maturity
  • This account is subject to an early withdrawal penalty of accrued interest if closed within the first seven (7) days after opening the account. Subsequently, if any of the deposit is withdrawn before the maturity date, a penalty of 1% the amount withdrawn will be imposed. In addition, the IRS may assess a penalty. No penalties will be assessed if the owner is at least age 59 1/2.

Fixed Rate

  • $1000 minimum deposit required
  • Deposits of $100 or more can be made at any time
  • Interest is paid on the account until the maturity date
  • Interest is compounded monthly and credited to your account monthly
  • Interest begins to accrue on the business day you deposit noncash items
  • Automatically renews at maturity
  • This account is subject to an early withdrawal penalty of accrued interest if closed within the first seven (7) days after opening the account. Subsequently, if any of the deposit is withdrawn before the maturity date, a penalty of 1% the amount withdrawn will be imposed for an IRA with a term of up to 12 months, and a penalty of 3% the amount withdrawn will be imposed for an IRA with a term of over 12 months. In addition, the IRS may assess a penalty. No penalties will be assessed if the owner is at least age 59 1/2.