Prepare for the golden years
Benefit from a tax-advantaged retirement solution that earns competitive interest to help set you up for success.
Features
With an ASB Traditional IRA Term Deposit account, you’ll enjoy:
- Terms ranging from 6 months – 5 years
- Retirement savings grow tax deferred
- Contributions may be made up to annual contribution limits provided you have earned income
- Minimum opening deposit of $500
- $10 minimum balance to earn interest
- $12.00 annual fee
- Early withdrawal penalty*
Withdrawals
- The IRS allows voluntary distributions any time after age 59 1/2
- As of 1/1/2023, the mandatory distribution age was raised to 73
Visit the IRS website for more information
*A penalty may be imposed for withdrawals before maturity:
The fee we may impose will equal all interest that could have been earned for the remainder of the term. This could result in the loss of the principal.
If the withdrawal is made within the first six days after the deposit, we will impose a penalty of seven days interest on the amount withdrawn subject to penalty.