Savings

Individual Retirement Account (IRA)

An Individual Retirement Account is a special savings plan authorized by the federal government to help you accumulate funds for your retirement.

We offer money market or certificate of deposit Traditional, Roth, and Sep IRAs. For more information on saving for retirement or IRA options, please contact an IRA Specialist at 703-871-2100 or visit a banking center near you. Banking Center Locations

• Interest is compounded daily, credited monthly
• Certificate of deposit terms available from 30 days to 7 years
• Subject to early withdrawal penalties*
• Annual statements; eStatements available

Contributions

Contributions may be made up until the year in which you reach age 70 ½. You can open or make contributions to your IRA any time up to and including the due date of your tax return for the previous tax year, normally, April 15th. IRA contributions can be made up to $5,000 annually.

Distributions & Early Withdrawals

• Distributions are permitted any time after the age 59 ½.
• There is a 10% IRS penalty for withdrawing all or any part of the account before age 59½.Withdrawals of principal are allowed. Amount withdrawn subject to the following penalties (applies to CD):
  • 30 Day up to 1-Year: Three (3) months interest whether earned or not at the nominal (simple) interest rate.
  • Over 1-Year: Six (6) months interest whether earned or not at the nominal (simple) interest rate.

* The Annual Percentage Yield (APY) assumes interest will remain on deposit until maturity.
Fees could reduce the earnings. Partial withdrawals of principal are allowed. Amount withdrawn subject to the following penalties: 30 Day up to 1-Year: Three (3) months interest whether earned or not at nominal (simple) interest rate. Over 1 - Year: Six (6) months interest whether earned or not at the nominal (simple) interest rate.