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Are there penalties for withdrawing IRA funds before maturity? Yes, if you are under age 59 1/2, there is a penalty if you withdraw IRA funds prior to maturity. If your account has an original maturity of one year or less, but more than 31 days, the fee we may impose will equal one month's interest on the amount withdrawn subject to penalty. If your account has an original maturity of more than one year, the fee we may impose will equal three months' interest on the amount withdrawn subject to penalty. If your account has an original maturity of 31 days or less, the fee we may impose will equal seven days interest on the amount withdrawn subject to penalty. (There are IRS fees that may apply to IRA withdrawals. Please consult your tax advisor.)