IRA 18 Month CD Account Quick Facts
| Minimum Balance to Open | $1,000 |
| Minimum Balance to Obtain APY* | $1,000 |
| Interest Rate | 3.85%** |
| APY* | 3.88%** |
| Compound Periods Per Year | 2 |
| Interest Paid | June 15th and December 15th of each year |
| Monthly Fee | $0 |
| Statement Frequency | Annually |
*Annual Percentage Yield. Accurate as of October 3, 2023
**Variable rate. Rates may change after the account is opened.
Account Details
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Contributions may be tax deductible.
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Individuals must have earned income and file a tax return to make a contribution.
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The interest earned is tax-deferred.
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Distributions are available to individuals at any time, but if the individual is not age 59 1/2, or does not meet certain exceptions, they could be assessed an additional 10% premature distribution penalty by the IRS on the taxable amount withdrawn.
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Withdrawal amounts are always subject to income tax regardless of age.
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Individuals can contribute if they, or their spouse, have earned income and file a tax return.
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Individuals are required to take annual minimum distributions upon reaching the designated IRS required minimum age.
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The required minimum distribution (RMD) is based upon the individual's age and December 31st account balance.
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Fees could reduce earnings on the account.
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Investments are made into a Certificate of Deposit.
