We offer a variety of certificates ranging from 3 months up to 60 months. All certificates require a minimum deposit of $1,000.00 to open, and have a penalty for early withdrawal. Our rates are very competitive and are usually a little higher than the banks. The rate is fixed for the term of the certificate and dividends are compounded and paid monthly. It is easy to apply, just email us or call and we will open your certificate. The certificate automatically renews at maturity.
(Effective January 1, 2019, dividends went from being paid quarterly to monthly, credited on the first of each month.)
Individual Retirement Accounts are used for just that, retirement accounts. We offer Traditional and Roth IRAs. The minimum deposit to start an IRA is $100.00. You can set up automatic deposits or make deposits into the IRA account at the credit union.
We also offer:
IRA Certificates with terms starting at 12 months up to 60 months. For certificates, you need a minimum deposit of $1000.00 or more. Dividends are paid quarterly and there is a penalty for early withdrawal.
Types of IRAs available at your credit union:
TRADITIONAL IRA — The classic way to save for retirement. Best for those who expect to be in a lower tax bracket after retirement, or don’t qualify for a ROTH due to their income level.
- Has tax advantages now, with potential tax-deductible contributions.
- Tax-deferred — it’s not taxed until you withdraw the funds.
- You must be under age 70½ and have enough earned income to equal the contribution.
ROTH IRA — A IRA with more flexibility when you withdraw the money. Best for those who expect to be either in the same tax bracket or higher after retirement — and who meet the lower income limits of a ROTH.
- Has tax advantages at retirement.
- Your contributions are not tax-deductible.
- No maximum age restrictions for contribution eligibility. You may be able to contribute after you reach age 70½.
|Contribution Limits for Traditional and Roth IRAs|
age 50 and older
|2018||$5,500||$6,500 (includes $1,000 Catch-Up)|
|2019||$6,000||$7,000 (includes $1,000 Catch-Up)|
To determine if you're still eligible for the tax deduction, please refer to the attached "2019 IRA Income Limits for Deductibility."
* Effective January 1, 2015-Before 2015, IRA owners were allowed to do one IRA-to-IRA rollover per IRA that they owned. Now it's one and done--only one IRA rollover per 12-months per IRA owner, regardless of the number of or types of IRAs the individual owns.
*The IRS has issued Publication 5307 (PDF), Tax Reform Basics for Individuals and Families, a new guide to assist taxpayers in navigating the changes enacted into law by the Tax Cuts and Jobs Act that passed in December 2017.
In addition to a summary of basic tax filing changes, the publication details a number of changes in the law, which impact retirement and education savings. Included in the publication are explanations of how the Act eliminated recharacterization of Roth IRA conversions, reformed how retirement plan loans are treated following termination of employment, increased access to retirement plan distributions for taxpayers in disaster areas, and relaxed regulations on distributions from 529 plans.
Special Purpose Accounts
Special Purpose Accounts are really helpful when you want to place funds apart from your regular savings account.
The special purpose account has a minimum deposit of $1.00. This is just like having a second primary account. Some of the uses for this account would be for taxes (of any kind), saving for college, holiday, or even a wedding.
Regulation D transfer limits apply.
To open a Share Certificate, IRA or a Special Purpose Account, contact us.
Learn more about our other accounts:Savings Account
The foundation of your credit union membership is your savings account.Checking Account
Your checking account is usually your most important financial tool for managing your daily activities.Money Market Account
With our money market accounts, you have the benefit of a high yielding account, which allows you the freedom to make withdrawals without a penalty.Share Certificates
Choose which certificate works best for you. From 3 months up to 60 months.