The Kasson State Bank offers a number of
retirement options. The options include: Traditional IRA, Roth IRA,
SEP IRA and Simple IRA. Your investments are held in-house and placed
in a separate savings account. This allows you to access to your funds
without being tied to any time commitments.
- There is no minimum deposit required to open an IRA account.
- There are no periodic maintenance fees or custodial fees.
- The interest rate is variable and determined by the bank at its
discretion. Therefore, the rate and annual percentage yield (APY)
may change. The APY is based on an assumed term of 365 days and that
no withdrawals or deposits are occurring during that time.
- Interest is compounded monthly.
- Interest will be credited to this account monthly.
- The individual must have earned income.
Contributions are limited to the lessor of 100% of earned income or
the current contribution limits. Contact a Kasson State Bank
representative for the current limits.
There is an IRS penalty of 10% of the amount withdrawn prior to age
59 and a bank penalty consisting of 90 days loss of interest. Contact
a bank representative for applicable exceptions. |
