Individual Retirement Account (IRA)

It’s never too early or late to save for retirement. Pennian Bank offers IRA options to help you maximize your savings potential. 

Variable Rate IRAFixed Rate IRA
Minimum to open$100$1,000
DepositsDeposits of $25 can be made at any timeDeposits of $100 can be made at any time
InterestCompounded and credited to your account monthly. Interest begins to accrue on the business day you deposit non-cash items. Call for current rates.Compounded and credited to your account monthly. Interest begins to accrue on the business day you deposit non-cash items. Call for current rates.
RenewalAutomatically renews at maturity.Automatically renews at maturity.
FeesSubject to an early withdrawal penalty of accrued interest if closed within the first seven days after opening the account. Any deposit that is withdrawn before the maturity date will be imposed a 1.00% penalty. The IRS may also issue a penalty. No penalty will be assessed if the owner is at least 59 ½ years of age. Fees may reduce earnings.Subject to an early withdrawal penalty of accrued interest if closed within the first seven days after opening the account. Any deposit that is withdrawn before the maturity date will be imposed a 1.00% penalty for an IRA with a term up to 12 months. A penalty of 3.00% of the amount withdrawn will be imposed for an IRA term of over 12 months. The IRS may also issue a penalty. No penalty will be assessed if the owner is at least 59 ½ years of age. Fees may reduce earnings.

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