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At Urban Trust Bank, our goal is to give each of our customers the tools, knowledge and support to prepare for a financially successful retirement.
We currently offer an IRA Certificate of Deposit to assist our customers. Our IRA CD includes the following features:
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$500 Initial deposit required. Subsequent deposits may only be made during grace period
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Terms available from 3 months to 5 years. IRA's are automatically renewable at maturity.
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Contributions may be tax deductible. Consult your tax advisor for additional information.
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All IRA accounts are structured as individual rather than joint accounts
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Customers may begin withdrawing penalty free at age 59 1/2. Customer must begin withdrawing the required minimum distribution by the age of 70 1/2.
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IRA contributions must be from earned income. Persons living on interest or investment income cannot contribute to an IRA.
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If an IRA is redeemed before the scheduled maturity date, a penalty will result
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Withdrawals made before age 59 1/2 are fully taxable and subject to a 10% penalty.
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