Interest rates vary depending on the length of time you select. IRAs are established with time periods of 18 or 30 months. Check current rates.
Interest Calculation
FSNB uses the Daily Balance Method to calculate interest. This method applies the contracted interest rate to the principal in the account each day. Interest begins to accrue no later than the business day of the day of deposit.
Compounding
Interest on your IRA will accrue daily and will be added to your IRA annually.
Traditional |
Roth |
Annual Dollar Limit |
$4,000 |
$4,000 |
Annual Dollar Limit - Over 50 Years of Age |
$5,000 |
$5,000 |
Percentage of Compensation Limit |
100% |
100% |
Contribution allowed after age 70.5 |
No |
Yes |
Distributions must start by age 70.5 |
Yes |
No |
Accepts tax-free rollovers from Traditional IRA |
Yes |
No |
Accepts taxable rollover from Traditional IRA |
No |
Yes |
Accepts tax-free rollovers from Roth IRA |
No |
Yes |
Accepts rollovers from Employer Plan |
Yes |
No |
Contributions might be deductible |
Yes |
No |
Distributions might be tax-free |
No |
Yes |
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