Saturday, 17 April 2021

National Bank of Arizona Review: Checking, Savings, CD, Money Market and IRA Accounts

National Bank of Arizona Review: Checking, Savings, CD, Money Market and IRA Accounts
01 Dec
6:39

Most of National Bank of Arizona’s CDs can be opened through an IRA so that you can save for retirement. It offers all the terms of one year or longer. The short-term CDs that last less than a year are not available for an IRA CD. When you open an IRA CD, you can pick the exact number of days for your term. For example, the one-year IRA CD lets you pick any time from 365 to 544 days, and you’ll earn the same rate.

You must deposit at least $1,000 to open a National Bank of Arizona IRA CD and keep this much in the account to earn the APY. It also offers jumbo IRA CDs that require $100,000, but the rates are the same as the regular IRA CDs.

If you have a Premium Interest Checking account, National Bank of Arizona will add another 0.05% to your IRA CD interest rate as a relationship bonus.

National Bank of Arizona’s IRA CDs charge an early withdrawal penalty if you take out money before the maturity date. On Oct. 29, we asked customer service how this penalty worked. It said the penalty is equal to all the interest that would be paid on the withdrawn principal during the entire IRA CD term. For example, if you take $5,000 out of a one-year IRA CD, you lose the full year’s worth of interest on the $5,000.

How to get National Bank of Arizona’s IRA CDs

You can open an IRA CD at a National Bank of Arizona branch. These accounts are not available online or over the phone. The application will ask for your contact information, date of birth, employer information and Social Security number. You will also need to make your initial deposit. National Bank of Arizona accepts deposits by check, bank transfer and wire transfer.

Source: https://www.magnifymoney.com/blog/reviews/national-bank-of-arizona/

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