IRA (Individual Retirement Account)
A tax-sheltered IRA is an investment today for a comfortable and secure tomorrow.
- If you are not an active participant in an employer maintained retirement plan, you may deduct the lesser of 100% of compensation or $5,500.00 (6,500.00 if over age 50).
- If you are a participant, deductions are based on your adjusted gross income.
- Anyone under 70½ years old who receives wages may establish and make contributions to an IRA.
- Interest earnings on your IRA are tax sheltered until you make withdrawals from the accounts.
- Exchange Bank IRA's are in a time deposit open account.
- Additional deposits earn interest from date deposited and will mature at the same time as the first deposit.
- Rate adjusted monthly.
- Compounded quarterly.
- 18 months maturity, automatic renewal.
- Withdrawal Penalty:
|$0.00||59 ½ or older|
|$0.00||If become disabled|
|6 Months Interest||Early withdrawal|
Triple Play IRA*
The Exchange Bank is now offering an IRA that gives you three different options to choose from. You decide where the money in your individual retirement account is invested. You have the option to choose from our 18 month Traditional IRA, a 3 year CD, or a 5 year CD and still maintain your tax deferred status. IRA customers with balances over $ 250,000 can even opt for a CDARS IRA and receive FDIC insurance on up to $ 20 million.
Play #1 Traditional IRA (18-month variable rate CD)
Play #2 3 Year - Certificate of Deposit (fixed rate)
Play #3 5 Year - Certificate of Deposit (fixed rate)
For additional information, please contact an Exchange Bank Representative at Perry (580) 336-5531 or Stillwater (405) 742-0202.
*The Triple Play IRA is subject to normal individual retirement account rules and regulations including that of contributions and distributions.