Traditional IRA
Roth IRA
Education IRA
IRA Shares
IRA Certificates
Service Plus Credit Union provides a full array of Individual Retirement Account services to meet your unique needs. Whether you require a traditional IRA or a Roth IRA, we can help you achieve your retirement goals. Before you make any decisions, we highly recommend that you consult a financial advisor. For additional information on current IRA rules and tax implications, you can go to the website for the Internal Revenue Service. Here is a brief overview of our IRA savings plans:
The Traditional IRA is an account that allows qualified tax-deductible contributions and also allows contributions and earnings to grow tax deferred. This means you don't pay taxes on your contributions or earnings until you withdraw them.
The Roth IRA is a non-deductible account that features tax-free withdrawals of earnings after a five-year holding period and when certain requirements are met. Your contributions and earnings accumulate tax-free. Since the money you contribute has already been taxed, you may make tax-free and IRS penalty-free withdrawals at any time-as long as the amount withdrawn is less than or equal to the contributions already made. You may invest in a Roth IRA in addition to any contributions you make to your company-sponsored retirement plan.
The purpose of this account type is to give a tax-advantaged savings vehicle for education expenses. Unlike a Traditional or Roth IRA, the funds contributed to the account are considered a gift to a designated beneficiary under the age of 18. The rules are complicated in that these contributions must be coordinated with other education plans such as State Tuition Plans or HOPE and Lifetime Learning tax credits.
IRA deposits are insured separately from your other deposits-- to $100,000 by the NCUA and up to $250,000 free supplemental insurance through ASI. If you need help in determining how much money to save each year in order to achieve your financial goals, visit our Retirement Calculator™.
Once you have decided to open a credit union IRA account, you must decide which TYPE of account will host your IRA.
Dividends are computed on the daily balance and are compounded and credited to the account quarterly. Pays a higher dividend rate than a regular savings account.
The IRA share accounts are not term accounts. Funds can be withdrawn anytime, and may be subject to IRS penalties.
The IRA certificate is for you if you know you will not be using the funds in your IRA for a predetermined amount of time. The certificate pays a higher rate than the IRA share account.
- Terms available: 1-year, 3-year, 5-year and 10-year.
- Minimum balance requirement is $1,000 or $2,000, depending on the term.
- Interest is computed on the daily balance and compounded and credited to the account quarterly
