Locations Help Center Education Careers Sign In Enroll in Digital Banking Blog SAVINGS Premier Money Market & CD IRAs A comfortable retirement requires hard work and sound financial planning. A tax-deferred Individual Retirement Account (IRA) from Armed Forces Bank will safeguard and grow your money for your well-earned retirement. Count on your Armed Forces Bank team for the guidance you need in choosing the right account to reach your retirement goals. With flexible contribution options we can turn a Premier Money Market or certificate of deposit into a Traditional, Roth, or SEP IRA plan for retirement. Or talk to an expert about a Coverdell education savings account (ESA) to help cover higher education costs for minors. Premier Money Market IRA Minimum Balance Annual Percentage Yield $1,000 - $9,999 0.05% $10,000 - $24,999 0.05% $25,000 - $49,999 0.05% $50,000 - $99,999 0.10% $100,000 - $249,000 0.10% $250,000 or more 0.15% What You Need to Know You must deposit $1,000 to open this account. A total of six (6) withdrawals are allowed per month or statement cycle. Debit cards, ATM cards, or checks are not available because IRS regulations require withdrawals to be properly coded for IRS reporting requirements. A minimum balance fee of $10.00 will be imposed every month or statement period if the balance in the account falls below $1,000 on any day of the month or statement period. You will have view or inquiry only access to both online and mobile banking. An account statement will be provided monthly. You are limited per the IRS regulation regarding contributions based on age, income, and other factors. Early or premature withdrawals from an IRA may be subject to a 10% early withdrawal tax from the IRS. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest will be compounded monthly and will be credited to the account monthly. If you use mobile banking to access your account, message and data rates charged by your mobile carrier may apply. Fees charged to the account could reduce the earnings on the account. If the account is closed before accrued interest is credited, you will receive the accrued interest. To open an account, please visit a branch near you. Certificate of Deposit IRA Term Minimum Opening Balance Annual Percentage Yield 30 Day $500 0.05% 91 Day $500 0.05% 182 Day $500 0.10% 9 Month $500 0.10% 12 Month $500 0.15% 13 Month $500 0.15% 15 Month $500 0.15% 18 Month $500 0.15% 19 Month $500 0.15% 24 Month $500 0.20% 30 Month $500 0.20% 36 Month $500 0.30% 48 Month $500 0.35% 60 Month $500 0.40% What You Need to Know A fixed rate of interest is earned on the entire balance. A minimum opening balance of $500 is required to obtain the disclosed annual percentage yield. There are penalties for withdrawing funds before the set term. The amount depends on the length of the account term. 7 - 91 Days: 60 days loss of interest 92 - 182 Days: 182 days loss of interest 183 - <60 Months: 1 year loss of interest 60 Months: 2 years loss of interest This account can be used to invest your IRA or ESA. For Certificates issued for Individual Retirement Accounts (IRA) or Education Savings Account (ESA), the interest is compounded and credited quarterly for investment terms 12-months or longer. Shorter term pays at maturity. Interest may be withdrawn by IRA holders 59 1/2 or older by transfer to an internal account or ACH to another bank, monthly, quarterly, semi-annual or annually. Interest may be withdrawn by check semi-annually, annually or at maturity, whichever comes first. Retirement Distributions from any Individual Retirement Account may begin upon permanent disability or death without incurring an early withdrawal penalty. Additional documentation is required. Fees charged to the account could reduce earnings on the account. Annual Percentage Yield (APY) is accurate as of 11/24/21. FDIC-insured up to the maximum allowed by law. Checking & Savings Digital Banking Compare Checking Campaigns Access Checking Elite Interest Checking Recruit Access Checking Student Checking Business Checking Savings Account Premier Money Market Student Savings Certificates of Deposit Premier Money Market & CD IRAs Lending & Credit Personal Military Loan Auto Loan CD Term Loan Home Equity Line of Credit Visa® Credit Card Credit Builder Secured Visa® Credit Card Business Loans Mortgage Compare Mortgages VA Loan Conventional Loan FHA Loan Hero Loan Jumbo Loan Refinance About Us Privacy Policy Feedback Security Site Map © 1998-2021 Armed Forces Bank, N.A. All rights reserved. The persons pictured on this website are not actual clients of the bank.