Individual Retirement Account (IRA)

Interest bearing term deposit for retirement


Terms:
Minimum Balance to Open the Account:
$100
Minimum Balance to Obtain Disclosed APY:
Rate Information:
Compounding Frequency:
Interest will be compounded daily and paid at maturity.
Interest Crediting Frequency:
Early Withdrawal Penalties:
  • A penalty will be imposed for withdrawals made before maturity. Early Withdrawal Penalty may reduce the principle balance.
  • For the term one (1) year, the penalty amount will be equal to one (1) month’s simple interest of the closing balance.  
  • For the term longer than one (1) year and up to three (3) years, the penalty amount will be equal to three (3) months’ simple interest of the closing balance.
Transaction Limitation:
$10.00 Trustee-To-Trustee transfer fee applied.
  • You may not make additional deposits into your account before maturity.
  • Withdrawals during the term will be considered as Early Withdrawals.
  • Withdrawal from your retirement account may be subject to additional penalties imposed by the state and federal governments.  
Non-Automatically Renewable Time Deposit:
Renewal of Time Deposit:
  • This account will automatically renew at maturity.
  • Each renewal term will be the same as the original term, beginning on the maturity date.
  • The interest rate will be the same we offer on new Certificate of Deposits on the maturity date which have the same features as the original CD account.   
  • You may prevent renewal if you withdraw the funds at maturity (or within the grace period (7 calendar days)) or provide us written notice within the grace period.
  • We can prevent renewal by mailing a written notice to you at least 30 calendar days before maturity.
  • If either you or we prevent renewal, interest will not accrue after the maturity. 
Balance Information:
Accrual of Interest on Noncash Deposits:
Renewal:
Daily Balance Computation Method:
Copyright ©2015 Hanmi Bank. All rights reserved.