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.

Interest: This account is an interest-bearing account. Interest will be compounded daily and will be credited monthly. Interest on the account will be credited by adding the interest to the principal. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

Account Benefits: The interest rate and annual percentage yield will not change for the term of the account. Additional contributions may be made to short term IRAs less than six (6) months, 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. This account will automatically renew. Account holder has ten (10) calendar days after maturity date to withdraw funds without penalty. If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term.

Limitations: 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). 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:An account that is inactive (debit or credit) for 24-60 months will be reclassified as a dormant account. Dormant accounts will be subject to a regular monthly service charge of $6 (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.