An Individual Retirement Account (IRA) might be the best choice when thinking about starting to save for and invest in your retirement. Bank of Virginia offers a number of IRAs including Traditional, Roth, Simple, SEP & Coverdell.
IRAs require a $500 minimum opening deposit. The terms for IRAs range from 1-60 months with an automatic renewal containing a 10 day grace period after maturity date. There are varied early withdrawal penalties, which may reduce principal. Interest is compounded daily and credited quarterly. Please contact the branch nearest you for more information on current rates and other fees. IRAs are FDIC insured up to $250,000.