Retirement Account
Invest in retirement now, live your retirement dream when you’re ready.
We have a selection of products to meet your retirement needs.
American National Bank of Minnesota offers Traditional, Roth, and SEP Individual Retirement Accounts (IRA’s) to help you save for retirement. Our IRA’s are invested in certificates of deposit or in our savings accounts to provide you with a selection of maturity terms from immediate to 60 months and every term in between.
American National Bank of Minnesota’s IRA funds are insured by the FDIC up to $250,000 and are separate from other FDIC insured deposits, so there is no need to worry about exceeding the insurance limits.
When you reach the magic age of 59 1/2 you have the option to begin withdrawing funds from your IRA. Our professional staff will work with you to select the distribution option that best fits your financial needs.
To open a retirement account with American National Bank of Minnesota, stop by one of our branches or contact us today!
IRA Accounts
| Term | Minimum Opening Deposit | Minimum Balance to Obtain APY* | Interest Compounding |
|---|---|---|---|
| 3 Months | $5,000.00 | $5,000.00 | At Maturity |
| 6 Months | $5,000.00 | $5,000.00 | At Maturity |
| 12 Months | $5,000.00 | $5,000.00 | Quarterly |
| 18 Months** | $5,000.00 | $5,000.00 | Quarterly |
| 24 Months | $5,000.00 | $5,000.00 | Quarterly |
| 30 Months** | $5,000.00 | $5,000.00 | Quarterly |
| 36 Months | $5,000.00 | $5,000.00 | Quarterly |
| 48 Months | $5,000.00 | $5,000.00 | Quarterly |
| 60 Months | $5,000.00 | $5,000.00 | Quarterly |
*Based on daily balance method. Fees may reduce earnings. Substantial penalties for early withdrawals.
**18 and 30 month rates are only available for automatic renewals of existing CDs.
