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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 FNBM 182 day Certificate of Deposit and will change quarterly. 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
  • A penalty of three months interest will be assessed if the funds are prematurely withdrawn. In addition, the IRS will assess a 10% penalty. No penalties will be assessed if the owner is at least age 59 ½.

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
  • A penalty will be assessed if the funds are prematurely withdrawn. In addition, the IRS will assess a 10% penalty. No penalties will be assessed if the owner is at least age 59 ½.