Individual Retirement Account
The advisors at WSB can help you build a comprehensive action plan for your financial future – one that leverages the potential of today’s markets to:
Traditional IRAs
A traditional IRA is a “tax-deferred” account to help you save for your retirement.
• Contributions may be tax-deductible
• Every individual under 70 ½ who has earned income may make contributions
• Earnings grow tax-deferred
• Withdrawals made prior to 59 ½ may be subject to a 10% penalty
Roth IRAs
A Roth IRA’s earnings grow tax-free.
• Contributions are not tax-deductible
• Earnings are tax-free if withdrawn after age 59 ½ and the account has been open for five years or more
• Contributions, not earnings, may be withdrawn tax-free at any time
Account Type
|
Roth IRA
|
Traditional IRA
|
---|---|---|
18 Month Variable | $100.00 | $100.00 |
12 Month | $1,000.00 | $1,000.00 |
15 Month | $2,500.00 | $2,500.00 |
18 Month | $1,000.00 | |
24 Month | $1,000.00 | $1,000.00 |
30 Month | $1,000.00 | |
36 Month Bump | $2,500.00 | $2,500.00 |
60 Month | $1,000.00 | |
84 Month | $1,000.00 | $1,000.00 |
View & Compare Our Roth IRA RatesView & Compare Our Traditional IRA Rates
Important Disclosures
- We use the daily balance method to calculate the interest. This method applies a daily periodic rate to the principal in the account each day.
- Interest begins to accrue on the business day you deposit and will be paid to the date of withdrawal.
- Current rates will be posted in our lobby or can be obtained by calling 217-347-7173.
18 Month Variable Rate
- You must deposit $100.00 to open this account. Additional deposit can be made of $1.00 or more at any time.
- Your interest rate is subject to change on February 1st and August 1st to not less than the rate currently being paid on our 18 Month fixed rate CD’s.
- This account will automatically renew at the interest rate in effect at maturity.
- You will have ten calendar days from the maturity date to withdraw without a penalty. Interest is compounded and credited semi-annually on January 31 and July 31st of each year.
- Early withdrawal penalty is an amount equal to 180 days simple interest, whether earned or not.
12-15-18 Month Fixed Rate Certificates
- The interest rate and annual percentage yield will remain in effect until maturity.
- Interest is compounded and credited quarterly on JAN. 31, APR. 30, JUL. 31 & OCT. 31ST. After the account is opened you may not make deposits into or withdraw from (without a penalty) your account until the maturity date.
- The certificate will automatically renew at the interest rate in effect at maturity. You will have ten calendar days from the maturity date to withdraw without a penalty.
- Early withdrawal penalty is an amount equal to 180 days simple interest, whether earned or not.
24-30-60-84 Month Fixed Rate Certificates
- The interest rate and annual percentage yield will remain in effect until maturity.
- Interest is compounded and credited quarterly on JAN. 31, APR. 30, JUL. 31 & OCT. 31ST. After the account is opened you may not make deposits into or withdraw from (without a penalty) your account until the maturity date.
- The certificate will automatically renew at the interest rate in effect at maturity. You will have ten calendar days from the maturity date to withdraw without a penalty.
- The 24 Month and 30 Month Certificate early withdrawal penalty is an amount equal to 270 days simple interest, whether earned or not
- The 48-60 Month Certificate early withdrawal penalty is an amount equal to 365 days simple interest, whether earned or not.
- The 84 Month Certificate early withdrawal penalty is an amount equal to 540 days simple interest, whether earned or not.
36 Month Bump Rate Certificates
- Interest is compounded and credited quarterly on JAN. 31, APR. 30, JUL. 31 & OCT. 31ST. The certificate will automatically renew at the interest rate in effect at maturity. You will have ten calendar days from the maturity date to withdraw without a penalty.
- After the account is opened you may not make deposits into or withdraw from (without a penalty) your account until the maturity date. Early withdrawal penalty is an amount equal to 365 days simple interest, whether earned or not.
- The interest rate for your account will be paid until maturity, unless you exercise your right to bump the rate.
- The option must be exercised by the accountholders in person in writing on a form provided by the institution and acknowledged by our representative.
- The Bump Rate option does not extend the original maturity date.
- The new adjusted interest rate is paid from the date the original interest rate is bumped to the end of the original term.
- If your certificate auto-renews, the Bump Rate option is allowed one time during each renewal period.
All Federal IRA rules and regulations pertain to the above accounts.