Retirement Express

  • Bank Independent’s retirement funding programs provide growth comparable to Wall Street equivalents.*



       


    Program Description

    Bank Independent has created a retirement funding program with good growth potential and safety of your principal. First, let’s start with why you need to save.

    Many people think that Social Security will cover their retirement costs only to find that it typically covers only a third and they are forced to draw on savings, or keep working.

    Typical Income Sources for Retirement Aged Person
    Typical Income Graph
    Source: US News, Money Retirement, 8/2011

       

    Growth Examples

    A well thought out savings plan can use time to your advantage. The example below shows how a moderate monthly savings amount can grow in an IRA plan unencumbered by current taxation.

    Growth and the Power of Tax Deferral
    Growth and the Power
    Illustrative growth of a 2 year time deposit at .71% APY (Annual Percentage Yield) compounded annually. Rate on 7/15/2012 and assumes an initial deposit of $1. Rates are subject to change after account opening. A penalty may be imposed for early withdrawal. No minimum balance is required to earn the APY.**

       

    Your IRA

    Bank Independent monitors FDIC Insured Certificates of Deposit (CDs) and other market rates in setting a competitive rate for the term of the long term growth IRA. Note that if you withdraw the funds prior to the IRA’s maturity, it may be subject to a substantial interest penalty.

       

    Checking Choices

    You can fund your Retirement Express account from any Bank Independent checking. Note that some plans even waive the monthly service fee based on the amount saved monthly.

    * Compare our rates to non-FDIC alternatives by visiting iMoneyNet.com. There you’ll find iMoneyNet Money Fund Averages that reflect the average return of US money market mutual funds. You can also review the top 15 retail funds individually. Either way, you’ll find that our FDIC insured money market accounts and CDs provide competitive returns - with the added safety of FDIC insurance.

    ** Fees may apply depending on the account you have chosen to open at the bank.