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IMPORTANT NOTICE:
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Our I.R.A.'s "fit your lifestyle"!
An I.R.A. is a building block for retirement! We offer three types: Traditional, Roth, and Coverdale. Ask us which is right for you and how you can make contributions directly into your I.R.A. with Payroll deductions or automatic payment!
Due to the complexity of I.R.A.'s, you should also plan to consult with a tax professional to make sure you're making the most of your money
All Certificate Accounts except the 36-Month Adjustable CD are available for IRA Accounts.
We have the answers!
How do I set up an I.R.A.?
Technically, an I.R.A. is a personal savings account, set up as a trust or custodial account, that you put your investments into. You can establish an I.R.A. at the Credit Union with an initial deposit of $5 (interest earned on $500.00 and more). When you set up your I.R.A., you'll be asked to designate a beneficiary who will receive your account if you die before you've withdrawn all your money. This is a key decision and I.R.A. distribution rules are complex. So, if you have significant assets or special concerns, consult a tax advisor or estate planning professional to help ensure that your I.R.A. is distributed according to your wishes, and in the most tax-advantaged way allowed.
How do I contribute to my I.R.A.?
For a given year, you can contribute to your I.R.A. any time during the year, or by the due date for filing your tax return, not including extensions. (One thing to note: If you make your contribution between January and April, be sure to designate whether it's for the current year or for the preceding one.)
What are the new I.R.A. contribution limits?
The maximum annual limit for both Traditional and Roth I.R.A. contributions will be raised, in incremental steps, to $5,000 by the year 2008 ($6,000 if you are over 50 years of age).
What kind of investments can I make within my I.R.A.?
You can invest your I.R.A. money in most types of savings and investments, including CDs (share certificates), mutual funds, annuities and individual stocks and bonds. Prohibited investments are life insurance and collectibles.
Can I borrow from my I.R.A.?
No, I.R.A.'s don't allow loans. Likewise, you can't pledge your I.R.A. assets as security for a loan.
Contact us for more details!
$5.00 minimum balance required. Dividends are compounded monthly and paid monthly. Calendar month dividend period.
| Minimum Balance $ | $500- $4,999.99 | $5,000 - $24,999.99 | $25,000 or greater |
| Annual Percentage Yield | 1.00% | 1.50 | 2.00% |
| Dividend Rate | 1.00% | 1.49% | 1.98% |
Rates displayed are effective as of August 3, 2009.
Special Note: Fees can reduce the earnings on your account.
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IMPORTANT NOTICE:
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