Junction National Bank in Junction, TX, offers a 12-month Individual Retirement Account (IRA) with a minimum opening balance of $1,000. This IRA allows for both in-person, phone, or mail deposits, with the option for unlimited deposits via JNB automatic transfers. Additional deposits do not affect the fixed maturity date. Interest is credited monthly, and while principal withdrawals before maturity are generally restricted, interest withdrawals are allowed with a penalty. Early withdrawal penalties amount to 182 days' interest on the withdrawn amount. The account automatically renews at maturity, with an identical term, and a grace period of ten days allows for penalty-free withdrawals. Non-renewal is possible with written notice before maturity.
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