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Contact Us


Munster Branch:

(219) 836-5870

Hammond Branch:

(219) 931-1015

Dyer Branch:

(219) 322-5005

Schererville:

(219) 365-6700

Lost or Stolen Card:

800-528-2273


Home » Iras


Individual Retirement Accounts (IRAs)


An Individual Retirement Account (IRA) is a tax-deferred account into which a customer, subject to the restrictions in the Tax Reform Act of 1986, can make deposits and earn interest for retirement purposes. Withdrawals from IRAs are not permitted, without penalty, until the depositor reaches age 59-1/2. American Savings offers several types of IRAs. Any CD product may be setup as one. In addition, American Savings offers a special 18 month variable IRA:


  • Minimum deposit of $1000
  • The daily balance method is used to calculate interest on the account
  • A penalty will be assessed for early withdrawal
  • Accrued interest will compound quarterly on the account
  • Interest will accrue based on a 365 day year
  • Interest begins to accrue on the day American Savings receives credit
  • Interest is not credited if the customer closes the account before receiving the accrued interest

Also, you may wish to speak to the bank's on-staff Financial Advisor, through American Financial Services, about alternative investments and strategies. Click here to learn more.


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