Certificate of deposit accounts (CDs) | IRA Savings Account

Certificates of Deposit Account

Certificate of deposit accounts (CDs) are our most popular investment accounts. CDs offer a variety of fixed maturity periods with attractive interest rates. Under the current FDIC Insurance rules, with proper planning, a couple can invest up to $600,000.00 and a family of four can invest up to $2,000,000.00 in certificate accounts with full FDIC coverage. Our customer service representatives can show you how.

Features that are common to all TrustTexas Bank CDs include the following:

• You may open any Regular CD with a minimum balance of $1,000.00
• You may open any Jumbo CD with a minimum balance of $100,000.00
• Because the rate you earn is based on the length of time your funds remain on deposit, additions to CD accounts after opening are not permitted.
• Interest begins to accrue on your funds on the business day that you deposit non-cash items (for example, checks) into a certificate account.
• We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
• You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.
• You can only withdraw interest credited in the term, before maturity of that term, without penalty. You can withdraw interest any time during the current term after it is credited to your account.
• There are certain circumstances, such as the death or incompetence of an owner, where we will waive early withdrawal penalties.
• If you close your account before interest is credited, you will receive the accrued interest.

There are several other specific terms within a certificate of deposit agreement that may vary based on the maturity selected and/or the amount of money invested. Examples of terms that may vary include the compounding frequency, the interest crediting frequency, the conditions under which early withdrawals of principal or interest may be made and options for the automatic renewal of the account, etc. If you have any questions, please contact a Customer Service Representative for more information.

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IRA Savings Account

Interest bearing account designed for your retirement savings.

Account Features

• Statements are issued on a quarterly or monthly statement cycle, as required by regulations.
• No minimum balance fee if you maintain a $100.00 average daily balance each month.

Other Information

Rate Information - The interest rate and annual percentage yield may change at any time. Call us to check our current interest rates.

Minimum Balance to Open Account - An opening balance of $100.00
or more is required.

Fees - A minimum balance fee of $5.00 will be assessed each monthly statement cycle, if your average daily balance falls below $100.00. An excess debit fee of $5.00 is charged for each withdrawal in excess of one per calendar month.

Transaction Limitations - Transfers from a IRA Savings Account to another account or to third parties by preauthorized, automatic, telephone, Internet, Phone Bank, ACH debit or wire transfer are limited to six per month with no more than three transfers by point-of-sale.

 

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