INDIVIDUAL RETIREMENT ACCOUNT
At CECU, we realize that financial security for the future is something everyone must consider. We offer an Individual Retirement Account (IRA) which helps you invest for the future.
The Credit Union offers all three IRA Programs: Traditional, Roth, and Education.
To find out out current rates link here IRA Rates
Traditional IRA - While you are paying less income tax, your IRA funds are earning higher rates and those earnings are tax deferred until the time of withdrawal. You may begin to withdraw from your IRA without a penalty at age 59 and must start periodic payments by age 70 .
Roth IRA - Members have the opportunity to receive tax-free earnings. Contributions can be withdrawn, tax and penalty free anytime. Earnings can be withdrawn after meeting the qualifying reasons.
Education Savings Account- For qualified education expenses, Funds can be set aside on a child's behalf until the child reaches age 18.
IRA's are offered at CECU in three types of investments:
IRA Savings Account - No minimum balance and funds can be added at any time example - payroll deduction. Dividends are quarterly with a rate that will match the rate on the 12 month Jumbo Max Certificate. The rate will be established by the rate that is in effect on the first day of each quarter. The deposits and withdrawals will comply with Federal Regulations.
IRA Certificates of Deposit - $500. minimum deposit with maturities of 3 mo. thru 48 mo. Call Credit Union for current rates.
Market Index Certificate - The best combination of earnings potential and security. This hybrid deposit product gives you the chance to participate in market gains, but provides you the assurance that you won't lose a dime of your original deposit (when held to maturity). The dividends are linked to the performance of the Dow Jones Industrial Average. Certificates are available in terms of 1, 3, and 5 years with a minimum deposit of $500. |
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