IRA Accounts

We offer Traditional or Roth and Educational IRA programs to fit your retirement needs. You may be eligible to reduce your taxable income up to $3,000 if your are single, $6,000 if you are married. The Traditional IRA allows you to contribute and the dividends earned are tax deferred until withdrawal. There are IRS penalties for withdrawal before age 59 1/2. IRA Accounts are separately insured by NCUA up to $250,000.

The Roth IRA allows contributions up to $4,000 a year but are not tax deductible. Roth IRA's are more flexible on withdrawals such as first-home purchase.

As the credit union is not a tax advisor, please consult you tax specialist or the Internal Revenue Service for specific tax questions. The credit union does have consumer education brochures available we can mail to you. Make retirement a little greener through these IRA plans.

IRA Share Account

Build at your own rate; Weekly , Bi-Weekly, Semi-Monthly, Monthly, or when you have it. You can have the money posted to this account through a payroll deduction or come in with your deposit. The interest rate is determined at the end of each quarter. Dividends are calculated on the Average Daily Balance method and paid quarterly. When you reach $1000.00 you may want to purchase an IRA Share Certificate which pays higher dividends.

Traditional or Roth IRA Share Certificate

Several terms to choose from - 1 Year, 2 Years, 3 Years, or 5 Years at a fixed rate. A $1000.00 minimum deposit and early withdrawl penalties apply. Share Certificates earn quarterly dividends. Maturity notices are sent one month in advance. There is no grace period at maturity.

All rates are subject to change.


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