*Annual Percentage Yield (APY) is effective as of 02/15/2019 and may be changed or terminated by the bank at any time without notice.
1 This page includes information you need to know about deposit accounts at Abacus Federal Saving Bank. This page is designed to help make your banking at Abacus Federal Saving Bank easy to understand and is intended to provide general information with respect to the features and requirements of Individual Retirement Accounts through Abacus Bank. It is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 590, Individual Retirement Arrangement (IRAs), and the IRS website, www.IRS.gov, may also provide helpful information.
3 Contributions to a Traditional IRA are not permitted once you reach age 70½. Contributions to a Roth IRA may be made at any age.
4 Subject to annual cost-of-living adjustments (COLAs), if any.
5 For IRA CDs, a $1,000 minimum balance is required to open an IRA CD or the 1-Year Promo IRA CD and to earn annual percentage yield. The annual percentage yield assumes interest will remain on deposit until maturity. Withdrawals from IRAs before age 59 ½ may be subject to a 10% federal additional tax and possible state tax, except under certain conditions. Please consult your tax professional. In addition, withdrawals from IRA CD before the maturity date may also be subject to bank early withdrawal penalties. Fees could reduce earnings on the account. The IRA Promotional CD will be automatically renew to a standard IRA CD and Annual Percentage Yield offered at that time. Speak with an Abacus bank representative for more information.
6 All new money (monies not currently held in an Abacus account) required. A $50,000.00 or more is required to open an IRA Jumbo CDs and to earn annual percentage yield. Must have an Abacus saving/checking account. The annual percentage yield assumes interest will remain on deposit until maturity. Withdrawals from IRAs before age 59 ½ may be subject to a 10% federal additional tax and possible state tax, except under certain conditions. Please consult your tax professional. In addition, withdrawals from IRA CD before the maturity date may also be subject to bank early withdrawal penalties. Fees may reduce earnings on the account. Speak with an Abacus bank representative for more information.