Individual Retirement Accounts (IRA)

An IRA offers tax-deferred savings. CFCU offer regular IRAs, as well as Roth and Coverdell IRAs. The maximum allowable annual deposit depends on the type of IRA you choose. We recommend that you consult with your tax advisor to determine which IRA best fits your personal income, tax situation and goals. We offer two options:

1. IRA SHARES: No minimum opening deposit. No CU penalty for early withdrawal. Federal early withdrawal penalties apply. Deposit by transfer from another account or financial institution, in person or by payroll deduction. Calculated same as Regular Share dividend.
2. IRA CERTIFICATE: Minimum 12-month term. Minimum $2,000 deposit. Rate subject to change quarterly. Consult your tax professional on possible early withdrawal penalties. Calculated the same as Regular Share dividend.

Note

Withdrawal without penalty from your regular IRA shares is allowed after you reach age 59-1/2. Other withdrawal stipulations may apply, depending on the type of IRA. You may make IRA deposits through April 15th for the previous year's contribution.

Additional Deposit Insurance

Your combined savings are insured to $100,000 by the National Credit Union Administration, a government agency, and for up to $250,000 by the American Share Insurance Corporation, for combined protection of $350,000. Your IRA funds are separately insured to an additional $500,000 of combined coverage.