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Save money for your retirement or protect a pension distribution from
taxes with an IRA at Tri City National Bank. Tri City can process rollover
IRAs as well as transfers of IRA funds.
A variety of Individual Retirement Account plans are available to suit
your needs. Tri City National Bank offers
Traditional IRAs,
Roth IRAs and
Coverdell Education Savings Accounts which maintain
customer funds in a certificate of deposit.
Please Contact Us or
Locate Us to speak with
a bank representative about opening an IRA.
Minimum Balance
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$500 for non-contributory IRA
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$500 for contributory IRA; subsequent deposits may be made in increments of $100 or more; $50 or more if deposited electronically.
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Annual Percentage Yield
Tri City rewards IRA savers with a high yielding APY that is an additional
10 basis points (1 point = 0.01%) over regular Certificates of Deposit
offered with the same term.
Click here for current rates and terms
Tri City uses the daily balance method to calculate interest. This method
applies a daily periodic rate to the principal in the account each day.
Interest accrues no later than the business day we receive credit for the
deposit of non-cash items. Interest is credited to the account on a
quarterly basis.
Transfer Fee
A $25 transfer fee will be incurred to perform an external transfer of
an Individual Retirement Account.
Withdrawals
Withdrawals from an IRA prior to age 59½ may subject you to an income tax
liability and a federal penalty. After age 59½, you may make withdrawals of
principal without penalty provided you arrange a monthly distribution plan
in advance.
A penalty may be imposed for withdrawals prior to maturity. The fee we may
impose will equal six months interest on the amount withdrawn.
For any time deposit with a variable interest rate, the interest rate we
will use to calculate this early withdrawal penalty will be the interest
rate in effect at the time of withdrawal.
Variable rate & Maturity Information: The interest rate on your Variable
Rate IRA may change every two weeks. The interest is based on the 91 day
Treasury Bill Index rate plus a margin of 0.50%. Each renewal term will be
the same as the original term beginning on the maturity date. Interest will
be calculated on the same Margins and Index as the original term.
Fixed rate & Maturity Information: The interest rate on your Fixed Rate IRA
will be guaranteed until first maturity. Each renewal term will be the same
as the original term. The interest rate will be the same offered on new
time deposits which have the same term as your original Fixed Rate IRA and
will be effective on the maturity date.
Compare Roth and Traditional IRA tax benefits with a
Roth IRA and
Traditional IRA calculator.
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