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Saving for your Retirement has never been easier. City National Bank & Trust provides you with Individual Retirement Account (IRA) options to meet your individual needs.
An Individual Retirement Account is a personal savings plan that offers customers tax advantages to set aside money for retirement. City National Bank & Trust offers several different options for your savings needs. Choose from a Traditional IRA or Roth IRA.
With a Traditional IRA, the money you invest earns tax-deferred interest and your contributions may be deductible on your federal tax return.
An individual retirement account whose contributions are not tax deductible, but distributions (including earnings) can be tax free if certain circumstances are met. Many people find the Roth IRA preferable to the Traditional IRA. In addition, for some, it makes sense to roll a Traditional IRA into a Roth IRA.
Minimum Balance to Open Account is $500
- 12 Month Automatically Renewable Certificate of Deposit
- Unlimited deposits not to exceed allowable contribution
Early Withdrawal Penalties
- No withdrawal penalties or fees imposed if person is 591/2 or older
- Partial distribution fee if under 591/2 - $25.00
- Closing account fee if under 591/2 - $50.00
- If account is closed before maturity of 12 month CD, a penalty of six months interest may be imposed if under 591/2
- If the Certificate of Deposit is closed before the maturity date, an early withdrawal penalty will be imposed
- Certificates of Deposit automatically renew upon maturity, to prevent renewal, send written notice or contact us within the ten (10) calendar day grace period
You must maintain a minimum balance of $500 in the account each day to obtain the disclosed annual percentage yield.
Interest is Credited annually*
The Daily Balance Method is Used to Calculate Interest on This Account. This method Applies a Daily Periodic Rate to the Principal in Your Account Each Day.*
*Interest Rate Changes: The interest rates and annual percentage yield may change on any of these accounts quarterly.
-Mandatory distribution at 70 1/2
-Cannot withdraw from a Roth IRA for 5 years after opening