Individual Retirement Accounts (IRAs)

Our IRA accounts can be an important part of your overall retirement planning.  To learn more about IRAs, please visit the IRA Service Center by clicking here.

Other Charges: See plan disclosure for any early withdrawal penalties.

Rate Information: This account is an interest-bearing account. The interest rate and annual percentage yield are included in the rate chart, which is available upon request at any Skagit State Bank branch. Interest is accrued daily, compounded daily and will be credited monthly. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.

Special Features: Additional contributions may be made to short term TCDs (6) six months or less, within maximum contribution limits. In the event of an early withdrawal, if you are 59-1/2 years of age or older, no early withdrawal penalties will be assessed. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

Limitations: If the automatic renewal option is not selected, the account will not renew at maturity and the funds will no longer accrue interest. See the plan disclosure for additional limitations.

Interest Information: The annual percentage yield assumes interest will remain on deposit. A withdrawal will reduce earnings (only applicable to TCD and IRA). The daily balance method is used to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day. Contact a New Accounts representative for a current interest rate information sheet that lists the interest rates and corresponding annual percentage yields for accounts.

Dormant Accounts: Accounts that undergo no activity (debit or credit) for an extended time period will be reclassified as a dormant account. Dormant accounts will be subject to a regular monthly service charge of $5 (non-refundable per State of Washington). The time periods of inactivity are as follows:

• 24 months—All checking, money market, interest checking, and savings accounts
• 30 months—Time certificates of deposit
• 60 months—Safe deposit boxes

Note: Under current state abandoned property law, any property unclaimed after three years (with the exception of safe deposit boxes) must be relinquished to the custody of the State of Washington.