Certificates of Deposit (CDs)
Share deposit account that carries a fixed rate and term. Funds are insured up to $250,000, principal and interest, by NCUA (National Credit Union Administration), an agency of the federal government. Click here for current rates.
IRAs and Share IRA Certificates of Deposit
IRA's are tax-deferred retirement accounts for an individual that permits individuals to set aside up to $3,000 per year ($3,500 for 50 and over) with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% penalty). Only those who do not participate in a pension plan at work or who do participate and meet certain income guidelines can make deductible contributions to an IRA. All others can make contributions to an IRA on a non-deductible basis. Such contributions qualify as a deduction against income earned in that year and interest accumulates tax-deferred until the funds are withdrawn.
New individual retirement account (IRA) laws will let you tap retirement savings for first time house purchases (lifetime withdrawal limit is $10,000) or post secondary education expenses.
So, don't wait any longer to start saving for retirement. Call us or stop in to learn more about these "new and improved" IRAs. With more flexibility, there's nothing holding you back.
Named for Sen. Roth of Delaware, this IRA allows you to withdraw funds tax-free if they've been in the account at least five years and:
- you are older that 59-1/2
- you become disabled,
- you die and they're paid to your beneficiary,
- you use the money for a first-time home purchase.
Contributions are nondeductible and limited based on income.
This IRA allows you to contribute up to $2000 a year per child younger that age 18. Note though- the contribution is not tax-deductible. The real benefit: Withdrawals are tax-free if used for qualified higher-education expenses such as tuition and fees.