Individual Retirement Accounts

Brunswick State Bank believes it is never too early to start thinking about retirement. We would like to help you reach your goals. An Individual Retirement Account (IRA) can be a helpful tool for tax and retirement planning. Contributions are tax deferred when they are made into the IRA. Your tax preparer can help you determine if an IRA account could be beneficial to you. The Brunswick State Bank offers savings and certificate of deposit IRA options.

Interest Earnings

Interest earned is credited, and compounded, to certificate of deposit IRAs quarterly. Interest earned is credited, and compounded, to IRA savings accounts monthly. If you close your account before interest is credited, you will not receive the accrued interest. If the average daily balance of the account for any month is less than $50.00, no interest will be earned for that period.

Interest on IRA savings accounts is calculated on the average daily balance. Adding the balance of the account for each day of the month and dividing that sum by the number of days in the month determines such average balance of an account.

Interest begins to accrue on non-cash deposits no later than the first business day following the day on which the deposit posts to the account. Checks are considered non-cash items.

The interest rate and Annual Percentage Yield (APY) may change on an IRA savings account. At our discretion, we may change the interest rate on an IRA savings account monthly. The account statement will report the Annual Percentage Yield earned for that month. You may call the bank anytime to learn the current interest rate applicable to your account.

The interest rate and Annual Percentage Yield of certificate of deposit IRA accounts are set when the account is opened and remain the same until maturity. The interest rate and APY may change if the IRA certificate renews at maturity. You may call the bank to learn the new interest rate and APY on the day a certificate matures or any business day thereafter.

Withdrawals from your account may reduce earnings.

Withdrawals

You can withdraw funds from your IRA in person or by phone. These withdrawals are governed by the restrictions in the custodial agreement. Compliance with those terms is the responsibility of the account holder. On interest bearing accounts, except time certificates of deposit, we reserve the right to require at least seven days written notice before any withdrawal.

We do not allow pre-authorized automatic debits against an IRA to pay third parties.

Service Charges

There are currently no service charges applied to IRA accounts.

Periodic Account Statements

We mail account statements to you monthly on savings account IRAs. Certificate of deposit IRAs receive notices when earning are credited and at maturity.

If you have questions about this account, please:

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