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 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 an special 18 month variable IRA:

bulletMinimum deposit of $1,000
bulletThe daily balance method is used to calculate interest on the account
bulletA penalty will be assessed for early withdrawal
bulletAccrued interest will compound quarterly on the account
bulletInterest will accrue based on a 365 day year
bulletInterest begins to accrue on the day American Savings receives credit
bulletInterest is not credited if the customer closes the account before receiving the accrued interest

 


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