Certificates & IRAs

Certificates

  • Competitive dividend rates make Credit Union Certificates a good, solid, long-term investment. These certificates earn dividends at a higher rate than that paid on share savings accounts.

Earn dividends at a higher rate than share savings accounts with flexible terms from 2 months up to 60 months. Certificates are compounded monthly and require a $500 minimum deposit.

Share Certificates Benefits:

  • Terms of 3 to 60 months
  • Withdrawal dividends at any time without penalty
  • $500 minimum balance requirement
  • Certificates can be used as collateral for loans

The minimum to open a Certificate is $500. Dividends are compounded and credited monthly. There is a penalty for early withdrawal of principal before the maturity date. The penalty amount is based on the term of your account: terms of 7-31 days – the greater of the dividends earned on the amount withdrawn or all of the dividends that could have been earned on the amount withdrawn during a period equal to one-half the maturity period; terms of 32 days – 1 year – an amount equal to 60 days’ dividends, whether earned or not; terms of more than one year – an amount equal to 120 days’ dividends, whether earned or not. Certain exceptions apply.

Rates

TRADITIONAL IRA

The Traditional IRA allows you to contribute up to $7,000 a year. Contributions cannot exceed annual compensation. Owners aged 50 or older, are allowed a “catch up” contribution up to $8,000.

TRADITIONAL IRA BENEFITS:

  • Offers tax-deferred earning
  • Possibility for tax-deductible contributions
  • All earnings are tax free until they are withdrawn
  • Begin receiving your disbursements as early as age 59 1⁄2 or delay them until 73.

Rates

ROTH IRA

The Roth IRA allows you to contribute up to $7,000 a year while earning generous dividends while you build your balance and invest in your future. Owners aged 50 or older, are allowed a “catch up” contribution up to $8,000.

ROTH IRA BENEFITS:

  • Contributions are not tax deductible
  • Contributions can be withdrawn at any time, tax & penalty free
  • Withdrawal of earnings will be a qualified distribution, not subject to taxation, if:
    • 5 Year test has been met
    • Other qualified reason
      • Age 59 1/2
      • Death
      • Disability
      • 1st time home purchase ($10,000 max)
  • Never required to withdrawal

Rates

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