Individual Retirement Account

Rates effective as of: December 21, 2024

*Annual Percentage Yield

**Flex Rate: Deposit a minimum of $500 into an America’s First FlexRate Certificate and lock in one of the best rates around. If rates go up any time during the term of your certificate, just drop by your nearest America’s First branch and increase the rate on your certificate. (Limit one rate increase during the original term of the certificate.) A new certificate will be issued for the same term as the original certificate. Available to qualified members only. Member savings are federally insured up to $250,000 by the National Credit Union Administration, an agency of the federal government. Individual Retirement Accounts are federally insured up to an additional $250,000 by the National Credit Union Administration. Rates and terms are subject to change without notice. Substantial penalty for early withdrawal.

Rates are accurate as of today, and are subject to change weekly.

Dividends: We will pay this rate from the date of issue until the Original Maturity Date disclosed above. In the event that a Share Certificate renewed for any successive period(s), it will earn dividends at the prevailing rate then in effect. On accounts with maturities longer than one month, you will be notified in advance of the renewal, and we will tell you when the rate will be known for any subsequent renewal period. The annual percentage yield (APY) assumes that dividends remain in the account until maturity. A withdrawal of dividends will reduce your earnings. If you close this account before dividends are paid, you will receive the accrued dividends subject to the early withdrawal penalty.

Dividend Computation Method: Dividends are computed using the Daily Balance Method which applies a daily periodic rate to the balance in the account each day.

Accrual of Dividends: Dividends will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account.

Transaction Limitations: After the account is opened, you may not make deposits into the account until the maturity date stated above. During any calendar month you may not make more than six withdrawals from or transfers to another credit union account of yours or to a third party by means of a pre-authorized, automatic transfer, telephonic order or instruction, check, draft, debit card, or similar order to a third party. If you exceed these limitations the transaction may be denied, an item presented for payment will be returned and may be subject to a fee, or your account may be closed.

Subsequent Renewals: This account will automatically renew for successive periods equal to the original term beginning on each maturity date. You will have a grace period of 10 calendar days after maturity to withdraw funds without a penalty. If you do not wish to automatically renew this account, you must either notify us in writing before any maturity date, or within 10 days thereafter, or close this account at maturity or within 10 calendar days.

Early Withdrawal Penalty: If any account owner requests a full or partial withdrawal of principal prior to any maturity date, unless caused by the death or incapacity of an account owner, and we agree to allow the early withdrawal, you will be subject to a penalty equal to the lesser of all accrued dividends as calculated from the Issue Date, or 90 days dividends, 180 days dividends or 240 days dividends based upon the maturity schedule below.

Certificate Term: Early Withdrawal Penalty
3 months to 12 months: The lesser of 90 days dividends or all dividends accrued to date;
13 to 48 months: The lesser of 180 days dividends or all dividends accrued to date;
49 to 60 months: The lesser of 240 days dividends or all dividends accrued to date.

See the Plan disclosure if this account is part of an IRA or other tax qualified plan.