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Schererville Branch
Lending Center
Corporate Center:
(219) 365-6700

Crown Point Branch:
(219) 661-4200

Dyer Branch:
(219) 322-5005

Hammond Branch:
(219) 931-1015

Munster Branch:
(219) 836-5870

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Home » Iras

Individual Retirement Accounts (IRAs)

An Individual Retirement Account (IRA) is a tax-deferred account into which a customer, subject to the restrictions in the Tax Reform Act of 1986, can make deposits and earn interest for retirement purposes. Withdrawals from IRAs are not permitted, without penalty, until the depositor reaches age 59-1/2. American Community Bank offers several types of IRAs. Any CD product may be setup as one. In addition, American Community Bank offers a special 18 month variable IRA:

  • Minimum deposit of $1000
  • The daily balance method is used to calculate interest on the account
  • A penalty will be assessed for early withdrawal
  • Accrued interest will compound quarterly on the account
  • Interest will accrue based on a 365 day year
  • Interest begins to accrue on the day American Community Bank receives credit
  • Interest is not credited if the customer closes the account before receiving the accrued interest

Also, you may wish to speak to the bank's on-staff Financial Advisor, through American Financial Services, about alternative investments and strategies. Click here to learn more.

Individual Retirement Accounts (IRAs)

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