IRAs

IRAs


Planning a retirement fund? IRA savings accounts are a great way to get started, and Chemung Canal offers competitive interest rates and a term choice that's right for you.

  • Minimum deposit to open an IRA account is $1,000, except for the 18-month variable interest rate account, which is $100
  • Interest rates vary based on the term selected
  • Fees could reduce earnings on the accounts
  • There may be a penalty for withdrawing funds before the term has expired

For information on our current IRA interest rates, as well as other personal savings account and loan rates, please view Today's Interest Rates.

Minimum daily balance (amount of principal in the account daily) to obtain the stated annual percentage yield is $1,000, except for the 18-month variable interest rate account, which is $100.

Go to our savings calculator to create examples of how you may grow your savings!

 

IRA Money Market

IRA Money Market combines the best of both products--the flexibility of an IMMA and the tax benefits of an IRA.

Features include:

  • This is an open-end IRA product that allows deposits and withdrawals without a bank penalty
  • $100 minimum to open, but will not earn interest if the balance is under $1,000--rates will equal the standard Personal IMMA account rates. Based on Reg. D requirements (may only perform up to 6 withdrawals per month).
  • Checks not issued with this product.
  • Deposits to these accounts can be made at anytime.

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