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Types of IRAs

INDIVIDUAL RETIREMENT ACCOUNTS
TERM
APY*
MINIMUM DEPOSIT
COMPOUNDING
FEES
Incentive Time Certificate
36-Months
 See Today's Specials
$5,000
Quarterly
$10 fee for replacement certificate
Heritage Time Certificate (age 55 or over)
36-Months
$5,000
Monthly


*All Annual Percentage Yields (APYs) effective 2/12/09 (assumes interest will remain on deposit), subject to change without notice. $5,000 minimum opening deposit and minimum balance is required to be maintained for the entire term and must be drawn from a financial institution other than Finance Factors. Penalty may be imposed for early withdrawal. Withdrawals before the age of 59-1/2 may result in an IRS penalty. Fees could reduce earnings on the account. Special rates are available to Hawaii residents only, and may be discontinued at any time. Deposits are insured up to $250,000 by the FDIC.



Time Certificates for Individual Retirement Accounts (IRAs) and Coverdell Education Savings Accounts (CESAs)

Get high returns on your retirement and education savings accounts with an Incentive Time Certificate or Heritage Time Certificate (must be 55 years or older).

Traditional IRA:  A retirement account that features tax deductible contributions and tax-deferred savings for retirement (some restrictions apply).

Roth IRA:  A retirement account that features after-tax contributions and tax-free earnings and distributions at retirement. Ideal for those who do not qualify for deductible contributions to a Traditional IRA account.

Coverdell Education Savings Account: A non-deductible account that features tax-free withdrawals for a child’s education expenses. Earnings grow tax-deferred. Funds may be withdrawn tax-free if used for qualified education expenses.

Features/Benefits:
1. $1,000 minimum deposit to open account.
2. Terms vary.
3. Rates are fixed for term of certificate.
4. Interest is credited and compounded quarterly for Incentive Time Certificates and monthly for Heritage Time Certificates.
5. Traditional, CESA, and Roth IRA accounts are insured by the FDIC up to $250,000.
6. Maturity notices are mailed to remind you when your certificate is coming up for renewal.
7. Convenient 10-day grace period gives you time to decide if you want to renew or redeem your certificate without penalty.
8. Early withdrawal penalty may be waived for qualified distributions prior to CD maturity.
9. Withdrawals before the age of 59-1/2 may result in an IRS penalty tax.

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