Welcome to National Grand Bank

The Individual Retirement Account can offer tax advantages. Please consult your tax advisor to see if this type of investment is an appropriate choice for your portfolio.

At National Grand bank we offer a variety of IRA Products designed to offer a low risk investment for your retirement savings. They vary in length from one year to five years.

As interest-bearing accounts, the interest rate and annual percentage yield will not change and will be in effect until this account matures. Interest begins to accrue on the business day of your deposit and will be compounded and credited to the account semiannually.

National Grand uses the daily balance method to calculate the interest on the account. This means we apply a daily periodic rate to the principal in the account each day. The account can be opened with as little as $500.00 and total yearly deposits are subject to IRA contribution limitations.

Your account will mature in the length of time selected when you open your account. If you withdraw any of the principal before the maturity date, we may impose a penalty of six months interest on the amount withdrawn.

Early withdrawal penalties are waived if, at the time of funds withdrawal, you are at least 59 1/2 years old. You will have five days after the maturity date to withdraw funds without penalty. In general, IRA’s are subject to a $10.00 annual maintenance fee and a $25.00 administration fee when you close your retirement account.

The rate of interest generally increases with the length of time you choose at the opening of your account. However, early withdrawal may incur penalties.

Individual Retirement Accounts (IRA)
An Individual Retirement Account is an excellent tool for retirement savings.

ROTH IRA
Roth IRA’s are nondeductible accounts that feature tax-free withdrawals for certain distribution reasons after a five-year holding period. Please consult your Tax Advisor regarding the value of this investment for you.

SEP (Simplified Keogh) and Simple IRAs
For the small business owner and his or her employees, these accounts are the answer to the traditional 401K plan. There are many tax and investment advantages offered through these programs. Please consult your Tax Advisor.