Penalty for early withdrawal is 6 months interest
on the amount withdrawn. Termination fee is $50.00 if account is closed
or removed from this bank before you reach 59 1/2. IRA accounts may
start being withdrawn at age 59 1/2 and must start being withdrawn by
the age of 70 1/2. You may make maximum deposits of $2000.00 if you
are single, $2250.00 if you are married and your spouse does not work,
and $4000.00 if you both work.
The maximum you may deduct from your taxes will
be based on earnings for the year whether or not you or your spouse
are covered by a pension plan. It is advisable to check with your tax
consultant in order to determine how much of your contribution may be
deductible. Choose from an 18 month variable rate option which changes
every 6 months or an 18 month fixed rate.
All IRA's are separately insured by FDIC regardless
of your other FNB account balances.
