Individual Retirement Accounts
Build financial security for retirement. Great rates, savings or certificate options, potential tax advantages and federally insured up to $250,000.
Choose from 3 types of IRA’s:
- Traditional IRA’s allow you to deposit funds free from federal taxes until you take the money out at retirement. Funds may also be tax-deductible.
- Roth IRA’s allow you to deposit after-tax money and enjoy tax-free earnings until you withdraw the funds at retirement.
- Education (Coverdell) IRA’s allow deposits of after-tax money in a tax-deferred plan to save funds for a child’s higher education. You can contribute to an account to pay for qualified expenses at an eligible institution.
Choose your savings plan.
- IRA Share Savings work similarly to a Share Savings account. There is no minimum balance requirement to open the account and deposits can be made at any time. Competitive dividends are compounded and paid quarterly.
- IRA Share Certificates work like Share Certificate accounts with pre-determined terms of 1 year, 2 years or 3 years. Share Certificates can be opened with as little as $1,000. Lock in competitive rates with dividends compounded and paid monthly. And, take advantage of step up features on qualifying accounts to increase your rate once during the life the IRA Share Certificate without extending the term.
- Your IRA deposits are insured by NCUA up to $250,000.
SAVINGS DISCLOSURE INFORMATION Nature of Dividends - Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Dividend rates are declared periodically and are subject to change. Average Daily Balance Computation Method - Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use to make this calculation is monthly. Effect of Closing an Account - If you close your account before dividends are paid, you will not receive the accrued dividends. Fees and Other conditions may reduce the earnings on Savings, Premium, and Certificate accounts. Certificate and Club Account Penalty - Penalty may be imposed for early withdrawals. Variable Rate Certificates - Rates are subject to be adjusted daily. Other terms and limitations may apply to these accounts. You may obtain a current copy of the "Terms and Conditions" brochure by contacting the credit union office. Need a copy of the "Terms and Conditions" brochure? E-mail us a request.