An IRA is a special savings plan authorized by the Federal government, and is considered one of the best investments you can make for your future. It is important that you understand the different IRA options that are available so that you can pick an IRA strategy that's best for you. The following is a summary of the key IRA provisions for the three types of IRAs that are available. For questions or more detailed information, please give us a call and ask for one of our IRA specialists. No contributions are deductible, but funds grow tax-free within the account.
Withdrawals are also tax-free if used to purchase a first house or for higher education expenses.
Contributions are non-deductible. Withdrawals must be made before child reaches age 30. The major benefit of a Certificate Account is that you will generally earn a higher rate of return on your money. At your credit union, we offer Certificate Accounts with terms from 3 months to 60 months. Checks are available with the account, but please note that only three withdrawals or transfers are allowed per month.