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Certificates of Deposit & Term IRAs

Certificate of Deposit (CD)

What is a CD?
The initials “CD” stand for Certificate of Deposit and is a long-term savings account offering a higher interest rate.
Certificates of Deposit are safe, secure investment accounts that allow account holders to lock in a fixed rate of return for a specified term and generally offer a higher rate than basic savings accounts or money market accounts.

What is required to open a CD?
The member must have an active membership, a minimum deposit of $1,000 and a completed CD application. If a joint or beneficiary is wanted on the CD the social security number of joint/beneficiary will be required.

Features of a CD

  • One time Deposit
  • Interest paid quarterly
  • Interest also paid at maturity
  • Interest can be deposited to CD, automatically transferred to share savings/checking account, or mailed in check form
  • Insured by NCUA up to $250,000 (per social security number)

Individual Retirement Accounts (IRAs)

What is an IRA?
An IRA (Individual Retirement Account) is a way to save money for retirement. We offer Traditional, Roth or Coverdell IRA plans with a variety of investment options.

  • A traditional IRA is a tax-advantaged account that allows earnings and deductible contributions to grow tax-deferred. This means that you don’t pay income taxes on the earnings and deductible contributions of your IRA until you begin taking withdrawals, usually after you retire and possibly are in a lower tax bracket.
  • A Roth IRA provides no deduction for contributions, but instead provides a benefit that isn’t available for any other form of retirement savings. If you meet certain requirements, all earnings are tax-exempt when you withdraw from it. Other benefits include avoiding the early distribution penalty on certain withdrawals, and avoiding the need to take minimum distributions after age 70 ½.  The chief advantage of the Roth IRA is the ability to have investment earnings completely escape taxation.
  • A (Coverdell) Educational IRA is a tax-exempt savings plan for all levels of education.  Almost anyone can contribute to an Educational IRA. The Educational IRA is a custodial account or trust exclusively for the purpose of paying the qualified higher education expenses of the designated beneficiary. The Education IRAs cannot accept contributions for a beneficiary after the beneficiary turns 18.  The Educational IRA cannot accept contributions of more than $2,000 (except for rollover contributions) for any year. The beneficiary must use the Educational IRA funds within 30 days after turning the age of 30. Any funds remaining after that time will be deemed distributed to the beneficiary (whether actually distributed or not), and the earning will be subject to regular income tax and the additional 10% tax if not used for qualified education purposes.

Rates for CDs/IRAs