This account compounds quarterly and offers unlimited deposits. This charge will be waived if the account owner is under 18 or over age 60, and signs a waiver form. On Andover Bank certificates you may have your interest paid monthly, quarterly, semi-annually or annually. You may choose to receive an interest check or have your interest directly deposited to your Andover Bank checking or savings account. Quarterly interest compounding is also available on certificates.
All certificates have minimum penalties for early withdrawal.
Please ask your customer account representative. The plan is ideal for someone interested in weekly or monthly IRA deposits. The savings IRA is set up on an 18 month rollover cycle. This plan offers fixed rate certificates on a 30 or 60 month basis. Individuals making their yearly IRA deposits as a lump sum may find this plan more suitable to their needs.