Designed as a transaction account, with a tiered earnings rate, in a checking account format. Federal regulations limit the amount of transactions on interest bearing accounts to six per month, with no more than three of those from a check. Excessive withdrawals may result in closure of the account. Regular savings account allowing three withdrawals a month without service fees assessed. Time deposits with set terms with a fixed rate until maturity.
Federal regulations require substantial penalties if funds are withdrawn prior to maturity.
See rate sheet for terms and minimum deposit requirements. No tax deductions are allowed for Roth IRA contributions. Since the contributions have already been taxed, all qualifying withdrawals will be tax-free. There is no tax deduction for the contribution, but all amounts withdrawn to meet qualified higher expenses will be tax-free. Check with the branch location closest to you for sizes available and annual fee schedule.