Certificates & IRAs

Certificate Accounts

This account is for members that want a competitive, fixed rate of interest and do not need to draw on their funds for at least 3 months. The dividend rate increases on types of Certificates that have longer durations.

There is a minimum opening deposit of $500.

With a certificate, you can choose from a variety of maturities – from 3-month to 60-month terms. And certificates will automatically renew at maturity.

Certificates can be used as collateral on a loan, and they are a safe way to invest money for the future.

More information about Share Certificates

IRA Accounts

The following IRA accounts allow earnings to compound over time on either a tax-free or tax-deferred basis. Investments in tax advantage accounts like these can compound more quickly than those in taxable accounts and we can help you choose the IRA that is right for you. IRA’s also offer flexibility for your changing financial needs. Depending upon the type of IRA you invest in, your investment may be used for a first time home purchase or qualified college education expenses.

This special vehicle allows you to save for your child’s education. While contributions to this program are not tax-deductible, withdrawals for qualified higher education expenses, including earnings, are tax-free. The purpose of the Coverdell IRA is to help you pay for your child’s education expenses, such as tuition, fees, books, supplies, equipment, in some cases, room and board, and computers in elementary, secondary, and post-secondary education. You can make contributions to a child’s Coverdell ESA until he or she reaches ages 18.

The benefits of a Coverdell IRA include:
  • Unlike State 6-529 plans, Coverdell IRA’s can be used to pay for qualified elementary and secondary education expenses.
  • Earnings grow on a tax-deferred basis, and distributions are tax-free if the money is used to pay qualified education expenses.

If you don’t need the tax break right now, you may want to consider choosing a Roth IRA. This investment offers you more flexibility in making tax-free withdrawals of your contributions at any time. Tax free withdrawals of earnings (income) offer certain restrictions. If you think your tax rate will be higher when you retire, or if you might need to access your contributions before age 59 ½, the Roth IRA might be the right choice for you.

The benefits of a Roth IRA include:
  • Contributions are allowed at any age.
  • Qualified distributions are tax-free.
  • Flexible withdrawal options are available.
  • The amount you can contribute each year is increasing.

If you want to save on taxes now, money placed in a traditional IRA grows tax-deferred and is only taxed when it is withdrawn. A traditional IRA makes sense if you want a tax deduction now or if you think you’ll be in a lower tax bracket when you retire. There are no income limits and contributions may be tax-deductible. Anyone under age 70 ½ who earns compensation can contribute.

The benefits to a traditional IRA include:
  • Earnings accumulate tax-deferred.
  • Contributions are tax-deductible, if you qualify.
  • The amount you can contribute each year is increasing.

More information about IRA Certificates