Farmington Savings Bank offers IRA CDs with terms from 3 months to 5 years. Except for the 1 year term IRA CD that requires $5.00 only as minimum balance to open, the rest of the terms require a minimum balance of $500 to open.
The IRA CD Rates offered by Farmington Savings Bank are:
- 3 month IRA CD – .75%APY
- 6 month IRA CD – 1.00%APY
- 1 year IRA CD and 1.5 year IRA CD – 1.25%APY
- 2 year IRA CD and 2.5 year IRA CD – 2.00%APY
- 3 year IRA CD and 3.5 year IRA CD – 2.25%APY
- 5 year IRA CD – 2.30%APY
Whatever IRA CD term you choose, you must maintain the minimum balance required in your account each day to earn the APY. Interest are compounded monthly and will be credited to your account on the last business day of each month. Note that early withrawals will reduce your earnings.
An IRA CD account opened with the bank will be automatically renewed at maturity. Account holders are also given a grace period of 7 days after maturity to make withdrawals after which a penalty may be imposed.
Farmington Savings Bank is a mutual savings bank regulated by the State of Connecticut and the FDIC.