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.
- Interest on your IRA will accrue daily and will be added to your IRA annually.
Compounding
Traditional
Annual Dollar Limit - $6,000
Annual Dollar Limit - Over 50 Years of Age $7,000
Percentage of Compensation Limit - 100%
Contribution allowed after age 70.5 - NO
Distributions must start by age 70.5 - YES
Accepts tax-free rollovers from Traditional IRA - YES
Accepts taxable rollover from Traditional IRA - NO
Accepts tax-free rollovers from Roth IRA - NO
Accepts rollovers from Employer Plan - YES
Contributions might be deductible - YES
Distributions might be tax-free - NO
Roth
Annual Dollar Limit - $6,000
Annual Dollar Limit - Over 50 Years of Age $7,000
Percentage of Compensation Limit - 100%
Contribution allowed after age 70.5 - YES
Distributions must start by age 70.5 - NO
Accepts tax-free rollovers from Traditional IRA - NO
Accepts taxable rollover from Traditional IRA - YES
Accepts tax-free rollovers from Roth IRA - YES
Accepts rollovers from Employer Plan - NO
Contributions might be deductible - NO
Distributions might be tax-free - YES