At FPCU, we want to give you ways to get better value for your money. Open a Share Certificate and make that goal a reality! Maximize your earnings with an APY that suits your needs- with various terms to choose from, see what fits your goals, and we will help you get there.
IRA Certificates:
It’s never too early to begin saving for retirement. With the wide range of options FPCU offers, it’s even easier to get started now.
- Traditional IRA
Traditional IRAs were created to provide retirement income to individuals and can be a valuable tool in saving for retirement. Contributions to a Traditional IRA may be tax deductible in some instances, but it is best to consult with a tax professional regarding the tax benefits of an IRA. - Roth IRA
A Roth IRA provides flexibility for members who would like to start saving for retirement but may want the option of withdrawing the funds for a qualified distribution. While the Roth IRA itself is not tax deductible, a qualified distribution would not be subject to federal income tax or subject to the IRS early distribution penalty.
A withdrawal would be considered a “qualified distribution” from a Roth IRA if it occurs after the fifth year of your first Roth IRA contribution or the first taxable year in which it was converted from a traditional IRA, and if the person withdrawing the funds meets at least one of the following criteria:
- is over the age of 59 1/2
- is disabled
- is using it for a qualifying first-time home purchase
- is the beneficiary after a death
Keep the following in mind when considering a Traditional, Roth or ESA IRA:
- Each working individual (under age 50) can contribute up to $7,000 per year to a Traditional or Roth IRA or up to $8,000, if over the age of 50.
- Withdrawals from an IRA can begin at age 59½ and become mandatory at age 73.
- Early withdrawal penalties may apply to a Traditional or Roth.
- Income tax laws and regulations can and do change regularly. The information here is to provide a general understanding of the products available to you. A tax professional should be consulted to ensure the best course of action before opening an IRA.
Share Certificates are a great way to meet your savings goals.
Share Certificate rates and terms
Call us at 800-949-7628 or email us at memberservice@firstprioritycu.com to learn more about our Current Certificate Special.
*APY = Annual Percentage Yield. Rate effective as of August 29, 2024. Rates are subject to change without notice. Minimum deposit to open Share Certificate and earn advertised APY is $1,000. Penalty for early withdrawal will apply and may reduce earnings. Must have or open a Share Account with FPCU and maintain a minimum balance of $5.00. Max deposit of $500,000.
