Individual Retirement Accounts (IRAs)

Whether you’re saving for retirement or future education expenses, IRAs are an excellent way to help meet your financial goals. There are several types of IRAs for different financial and investing needs:

  • Traditional IRA

With a  Traditional IRA, deductible contributions and interest earnings are tax-deferred until they are withdrawn, maximizing the compounding effect on your investment.  Penalty-free withdrawals may be made for qualified reasons.*

  • Roth IRA

Roth IRA interest earnings are tax-free and penalty-free after a five-year investment period and when withdrawals are made for qualified reasons.*

  • Coverdell Education Savings Account

The Coverdell Educational Savings Account allows you to earn tax-free interest on your contributions towards a child’s education expenses.  Contributions may be made until a child turns 18, and may be used for qualified elementary, secondary and post-secondary education expenses.

Once you decide which IRA type is right for you, choose from an:

  • IRA Quarterly Share

With a IRA Quarterly Share, there is no minimum to open the account, and you earn a variable interest rate, which is compounded and credited quarterly.

  • IRA Certificate of Deposit (CD)

An IRA CD offers the opportunity to earn a higher interest rate on funds that remain on deposit for a specific length of time.

 

*See a PSCU representative for more information.

**The dividend rate and annual percentage yield (APY) are subject to change, without notice, at anytime prior to the issuance of the IRA. After the point of issuance, dividend rates and annual percentage yield (APY) are fixed.  Based on the term of the IRA, early withdrawal penalties apply.  IRA Shares on deposit with PSCU are federally insured by NCUA up to $250,000.

 

Accounts at your credit union are insured up to $250,000 by the NCUA, a federal agency of the United States Government.  In the long history of the credit union industry, not one penny of insured savings has ever been lost by a member of a federally insured credit union.  Click here for more information.