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Statement Savings | Christmas Clubs | CDs | IRAs
INDIVIDUAL
RETIREMENT ACCOUNTS
As part of your long term planning for retirement you should
consider opening an Individual Retirement Account.
The
Chart below shows our IRAs and interest rates. Other guidelines governing
our IRAs are listed below the Chart.
IRA
INTEREST RATES – Effective May 6, 2008
|
Term
Length
|
Compounding
Frequency
|
Interest
Rate
|
Calculated
APY*
|
|
30
Month Variable IRA
|
Monthly
|
2.910%
|
2.950%
|
|
48
Month Variable IRA
|
Monthly
|
3.150%
|
3.200%
|
|
24
Month Fixed IRA
|
Monthly
|
2.230%
|
2.250%
|
|
36
Month Fixed IRA
|
Monthly
|
2.325%
|
2.350%
|
|
60
Month Fixed IRA
|
Monthly
|
2.810%
|
2.850%
|
|
60
Month
Coverdale
Education
Fixed IRA
|
Monthly
|
2.810%
|
2.850%
|
*Annual
Percentage Yield
•
You must make a minimum deposit of $100 to open this account. You must
maintain this minimum balance on a daily basis to earn the annual
percentage yield
• Interest for IRAs will be compounded every month.
• Interest will be credited to your account every month.
• You may make an unlimited number of deposits into your IRA.
• You may make withdrawals of principal from your IRA before maturity
only if we agree at the time you request the withdrawal. A penalty may be
assessed.
• You can withdraw only interest credited in the term before maturity
of that term without penalty. You can withdraw interest one time during the
term after it is credited to your IRA.
• A penalty may be imposed for withdrawals before maturity. If your
account has an original maturity of one year or less, the fee we may impose
will equal one month's interest on the amount withdrawn subject to penalty.
If your account has an original maturity of greater than one year, the fee
we may impose will equal three months’ interest on the amount
withdrawn subject to penalty.
• The annual percentage yield assumes interest remains on deposit
until maturity. A withdrawal of interest will reduce earnings.
• West Union Bank IRAs automatically renew on the maturity date. Each
renewal term will be the same as this original one, beginning on the
maturity date (unless we notify you in writing, before a maturity date of a
different term for renewal)
• The interest rate and annual percentage yield on IRAs may change
every quarter at our discretion.
• You can make additional deposits to this account during a term
(except no additions can be made in the 7 day period before any maturity
date). Additions will earn interest from the date of deposit and will not
change the maturity date of this account. If the account is not
automatically renewed, then interest will not accrue after final maturity.
For
more information or to open an account contact us, Choose the Contact Us Link on the
Menu at left for bank locations and telephone numbers.
 
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