Momentum/Option Plus IRA |
Call or stop by any of our Branches for today's current rates. |
The Earning Power You Want. The Flexibility You Need. The Security You Deserve.
IRAs are an essential element in many retirement strategies. Adding a fixed rate deposit investment can help you increase your savings by earning guaranteed interest that may also provide a tax advantage. The Morrill & Janes Bank IRA provides an investment in MJB Time Deposits (Certificates of Deposit). Plus you have the option to change the rate at least once during the term of the certificate! This means if rates rise before the maturity of your certificate you can increase your earning power by locking in at the higher interest rate.
FDIC Insured
Your retirement deposits are FDIC insured up to the legal maximum per depositor. FDIC insurance for your Morrill & Janes Bank IRA is separate from the non-retirement deposits you have with us. For more information on the retirement deposit FDIC coverage or limits, talk with a Morrill & Janes Bank representative or go to http://www.myFDICinsurance.gov, and learn how to setup your retirement accounts to qualify for the maximum FDIC insurance coverage.
Your Choice of IRA Types
Morrill & Janes Bank offers both the Traditional IRA and the Roth IRA. Before you open an account you need to determine which IRA will best meet your needs now and in the future. Look at this comparison chart of some of the attributes of these IRA types. (We recommend that you consult your tax advisor to decide which type best fits your needs.)
How Your Money Grows
You earn interest from the date we receive credit of your first deposit up to the date of your last withdrawal. Your interest compounds daily. You choose if you want to receive interest credit quarterly or semi-annually, and at maturity. We calculate interest using the daily-balance method which applies a daily rate to the account balance each day. A penalty may be imposed for withdrawal of funds before maturity and may reduce earnings. Withdrawal of interest prior to maturity will reduce earnings.
Adding to Your Retirement Account
You can make additional deposits to your Option Plus IRA at anytime during the term of the certificate. Additional deposits are limited to $50,000.00 or the original account opening deposit, whichever is less.
When Your IRA Matures
We'll send you a reminder before your maturity date. You will have a grace period after the maturity date to renew, change your term, or withdraw your funds without penalty. Unless you instruct us otherwise we will deposit the funds in a non-interest-bearing account.
Free Personal eBanking
Check your IRA account balance anytime, anywhere with Personal eBanking.
Open Your Momentum/Option Plus IRA Today!
Complete the new account application online or stop by any of our bank branches in Hiawatha, Lee's Summit, Merriam, Onaga, Sabetha, and Troy to open either a new Momentum/Option Plus Traditional IRA or Roth IRA today.
* 18-month, fixed rate of 2.02% Annual Percentage Yield on new accounts opened between 12.27.2011 and 04.16.2012. Minimum deposit of $50.00 required to open. Penalty may apply for early withdrawal. Ask for more details from any Morrill & Janes Bank representative. Consult with your tax advisor concerning tax-deductibility or tax implications. Investors should carefully consider the investment objectives, risks, charges and expenses of an IRA before investing.
