In addition to a pension, 401K, or Social Security, opening and contributing to a Jefferson Bank Individual Retirement Account (IRA) can provide an additional source of income for your retirement. There are several types of IRAs, including traditional, Roth, or SEP. Some IRAs have significant tax advantages1. A Jefferson Bank specialist can explain the benefits of each type and help you determine which IRA is the right fit for your retirement planning.
12 Month Fixed Rate IRA
- No annual fee.
- Competitive interest paid annually.
- Minimum opening deposit: $500.
- $500 minimum daily balance to obtain the advertised Annual Percentage Yield (APY).
- Annual maximum contribution limits apply.
- This IRA is invested in a 12-month fixed rate CD, which automatically renews at maturity. You will have a 10-day grace period after the maturity date to withdraw funds without penalty.2
18 Month Variable Rate IRA
- No annual fee.
- Competitive interest paid quarterly.
- Interest is compounded and added back to the principal every 3 months.
- Interest rate is variable and can be changed at our discretion on a quarterly basis. If the interest rate is changed,the new rate will go into effect at the beginning of the following quarter.
- Minimum opening deposit: $500.
- $500 minimum daily balance to obtain the advertised Annual Percentage Yield (APY).
- Annual maximum contribution limits apply.
- This IRA is invested in an 18-month variable rate CD, which automatically renews at maturity. You will have a 10-day grace period after the maturity date to withdraw funds without penalty.2
Notices & Disclosures
The Truth in Savings Act requires disclosures to be available on all consumer deposit accounts. Please inquire at any Jefferson Bank location for a Truth in Savings Act disclosure.
1IRAs are subject to additional IRS requirements. Please consult your tax advisor.
2If the CD is not at maturity or in the 10 day grace period, there will be a bank penalty of six month’s interest. IRS penalties for early withdrawal may apply.
Jefferson Bank is chartered under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking. Any consumer wishing to file a complaint against Jefferson Bank should contact the Texas Department of Banking through one of the means indicated below:
- In Person or U.S. Mail : 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294
- Telephone No: (877) 276-5554, Fax No.: (512) 475-1313
- Email: [email protected]
- (link sends e-mail)
- Website: www.dob.texas.gov
Investment and Insurance Products are:
- Not insured by the FDIC or any Federal Government Agency
- Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
- Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested
Deposit products offered by Jefferson Bank. Member FDIC
NMLS# 597833
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