Traditional IRA
- Tax deferred account that allows Members to earn higher interest rates on money set aside for retirement.
- Minimum Balance: $0 - IRA Share Account, $500 - IRA Term Share Certificate
- Penalties: If Member withdraws money prior to age 59.5 a 10% penalty is usually
imposed, plus the funds are taxed as current income in the year withdrawn.
3-12 months: the smaller of interest since the date of issuance/renewal,
or 90 days interest on the amount withdrawn.
Greater than 12 months: the smaller of interest since the date of
issuance/renewal, or 180 days interest on the amount withdrawn.
- Dividends are accrued daily and compounded quarterly on all certificates.
The Share IRA is compounded quarterly.
- Term: 3 months, up to 60 months
- Contributions to an IRA can be made anytime during that calendar year, up to April 15th of the following year. If funds are placed in a term certificate, contributions can only be made at initial deposit. If the Member opens an IRA Share, contributions can be made as often as the Member wishes, up to contribution limit.
- Rate: Refer to rate sheet for current rates.
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