Individual Retirement Account (IRA)
IRAs are an excellent way to save for retirement or educational purposes.
- No minimum balance
- No Credit Union fees or penalties
- The IRS may impose penalties for early withdrawal
Dividends are earned (accrued) daily and paid to the account (compounded) monthly. Dividend rates are higher than regular share savings, helping your accounts to grow even faster. The dividend rate and annual percentage yield may change every dividend period, as determined by the credit union board of directors.
Types of IRAs we offer:
Traditional, Roth, Coverdell (educational).
Also available, Simplified Employee Pension Account (SEP) designed for small businesses to offer their employees at a low cost.
The Money Market account offers a competitive rate of return on your investment with the benefit of easy access.
- 4-tiered rate structure
- $500 minimum deposit to open
- Service charge applies if account falls below the minimum balance
- Federal law limits withdrawals to 6 per month
- Terms of 3 months, 6 months, 1 year, 2 years, 3 years and 5 years with the dividend rate locked in for the length of the term
- Certificates generally require a minimum deposit of $1,000; however young members may invest in a share certificate starting at $250
- Special share certificates may be offered from time to time with varying minimum deposits and varying terms
- Dividends will not be compounded
- Early withdrawal penalty may be assessed