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 $2,000.00 (2,500.00 for spousal arrangements).
  • 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.
  • 18 month money rate.
  • Rate adjusted monthly.
  • Compounded quarterly.
  • 18 months maturity, automatic renewal.
  • Withdrawal Penalty:
    $0.0059 ½ or older
    $0.00If become disabled
    6 Months Interest  Early withdrawal

FAQs

For additional information, please contact an Exchange Bank Representative at Perry (580) 336-5531 or Stillwater (405) 742-0202.

 

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