The interest generated is based on the Standard and Poor's 500 Index.
Minimum initial deposit $500.
Available term: 5 years.
The principal is insured by the FDIC.
Additional Information
Once the instrument is opened, no additional deposits or withdrawals are allowed prior to the maturity date.
Penalties for withdrawals or cancellations before maturity during the first year: 30% of the principal; second year: 25% of the principal; third year: 20% of the principal; fourth year: 15% of the principal; fifth year: 10% of the principal. Treasury Department penalties may apply.
The following method is used to compute interest: First, the Stock Market value of the S&P 500 Index is obtained on the business day immediately prior to the date of the opening of the account (Initial Index Value). From that moment on, the S&P 500 Index is recorded and maintained, from the date of the final Stock Market business day of each month during the term of the account (End of Month Index Value). At maturity, the averages of the End of Month Index Values during the term are computed by adding the End of Month Values and dividing that sum by 60 to determine the Average Index Value. Then the percentage increase of the S&P 500 Index, if any, is computed by taking the Average Index Value and subtracting the Initial Index Value and dividing the result by the Initial Index Value. If the Average Index Value is equal or less than the Initial Index Value, no interest will be paid.
If deposits are made or accounts opened using cash or non-cash items (i.e. checks), interest begins to accrue on the business day on which the transaction takes place.
Interest will be computed at a rate based on changes in the Standard & Poor’s 500 over the term and will be computed and credited only at maturity.
The interest payable is 1.25 (125%) of the percentage increase in the S & P 500 to a maximum of 40%, with no guarantee of a minimum return at maturity.
Upon maturity, the account does not automatically become another Stock Market Roth IRA. At maturity it renewed to a 5-year Roth IRA account at the interest rate the Bank offers for IRA deposits of that term at the time.
"Standard & Poor's", "S&P", "S&P500", "Standard & Poor's 500" and "500" are registered trademarks of Standard & Poor's, a division of McGraw-Hill, Inc. Banco Popular uses each trademark under license.
Processing fee is $5 per instrument on withdrawals, cancellations and returns for excess of contributions; and $50 per instrument for rollovers to an eligible institution.
Deposit Instruments that are subject to legal process or garnishment, or to a request to hold or turn over your funds which are received from a Governmental Authority (including but not limited to the Department of the Treasury and the Federal Internal Revenue Service) or through court order , a fee of : $50 may apply.
For additional information call TeleBanco Popular®.
Producto ofrecido por Banco Popular de Puerto Rico.
Banco Popular offers several Individual Retirement Account alternatives. You may get detailed information at our branches to determine which alternative is best suited to your particular need.
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You will be leaving Banco popular.com and entering a third-party website (linked website). The third-party website’s privacy policy and security practices may differ from BPPR.
BPPR is not responsible for the accuracy or content of information contained in this linked website and no guarantee is given that the information provided in this linked website is correct, complete, and up-to-date.
BPPR expressly disclaims all liability for, damages of any kind arising of, use reference to, or reliance on any information contained within the linked website.
This link does not constitute an endorsement by us of the third-party and its products and services.
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You are leaving popular.com and entering a website owned and operated by Chubb Group (“Chubb”). The privacy policy and security practices of Chubb’s website may differ from those adopted by Popular.
Insurance products and services are offered by Popular Insurance LLC (“Popular Insurance”), a subsidiary of Popular, Inc. (“Popular”) and an affiliate of Banco Popular de Puerto Rico (“BPPR”).
Popular Insurance is a General Agency and Authorized Representative duly authorized by the Puerto Rico Insurance Commissioner’s Office to offer and sell life, variable life, variable annuities, disability, property and casualty, and title insurance and health related employee benefit services in Puerto Rico.
Insurance products are not deposits, are not insured by the FDIC or other Federal Government Agencies, and are not guaranteed by BPPR or any of its affiliates, including Popular.
Popular and BPPR do not offer, underwrite issue or sell insurance products.
If you acquire a travel insurance policy, the policy will be underwritten and issued by Chubb Insurance Company of Puerto Rico, a subsidiary of Chubb.
Chubb is not affiliated to Popular, Inc., Popular Insurance or BPPR.
Popular, Popular Insurance and/or BPPR are not responsible for the accuracy or content of the information contained in Chubb’s website and no guarantee is given that the information provided in such linked website is correct, complete, and up-to-date.
Popular, BPPR and Popular Insurance expressly disclaim all liability for damages of any kind, reference to, or reliance upon any information contained in the linked website.
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Credit Reporting Disputes You have the right to dispute the accuracy of the credit information we have reported by writing to us and describing the specific information that is inaccurate or in dispute, and the basis for any dispute with supporting documentation, to the address below.
Banco Popular de Puerto RicoPO Box 71589San Juan PR 00936
Please write a letter with the following information:
Full name
Mailing address
Account number in question
Date of birth
A detailed description of the issue and the desire resolution.
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With this service, we offer you assistance on information about your products and banking services. For information about balances, making payments and/or transfers, you should log in to your Mi Banco Online account or call TeleBanco Popular® at 787.724.3650
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