First Bank of Baldwin - IRAs
Statement Savings-18 Month Maturity
Minimum balance requirements
A deposit of at least $25.00 is required to open this account.
Balance computation method
We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Compounding and crediting
Interest for your account will be compounded quarterly and credited to your account on the last day of each quarter.
Accrual of interest on deposits other than cash
Interest begins to accrue on the business day you deposit non-cash items (e.g., checks).
Early withdrawal penalty
An early withdrawal penalty will be imposed under certain circumstances. If a penalty is imposed it would equal 182 days of interest.
You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can only withdraw interest credited in the term before maturity of that term, subject to penalty. You can withdraw interest anytime during the term after it is credited to your account.
This account will be automatically renewed at maturity. You have a grace period of ten business days after the maturity date to withdraw the funds without being charged a penalty.
|Fee to transfer money to another institution, or to terminate this account
*Annual Percentage Yield