Savings Accounts

Your Financial Future Starts Today

Take steps now to ensure a secure financial future. You’re never too young to plan for your retirement or save for your child’s educational expenses. GFCU offers Individual Retirement Accounts (IRAs) that make saving easy. IRA’s are tax-advantaged accounts that help turn your long-term financial plans into reality.

We offer the following accounts to meet your savings goals:

A Traditional IRA offers a long-term saving option for retirement. Contributions grow on a tax-deferred basis and may be tax deductible.

  • Ideal for investors who expect to be in a lower tax bracket during retirement
  • Earn money with higher dividends
  • Save money with potential tax benefits
  • Enjoy peace of mind knowing your retirement funds are federally insured
  • May withdraw funds penalty-free after age 59 1/2
    • Mandatory distributions begin at age 70 1/2
  • Deposits are limited by IRS regulations
  • Must earn income to contribute

Roth IRAs are funded by after-tax dollars. This means that as long as you meet the requirements for a Roth IRA, you may withdraw those funds tax-free. Roth IRAs may also be used for some non-retirement related purchases, such as purchasing a first home, education and medical expenses.

  • Money earns higher dividends on retirement funds
  • Could include potential tax benefits
  • Funds are federally insured
  • May access funds without penalty after age 59 1/2
  • Deposits are limited by IRS regulations
  • Must earn income to contribute

A Coverdell Education Account is an excellent tool to save for your child’s education. The account’s tax-saving features and dividend earnings can help offset growing education-related expenses.

  • No minimum balance required
  • Families may contribute to a child’s education fund
  • Earnings and withdrawals are tax-free when used for a qualified education expense
  • Earns dividends
  • Enjoy peace of mind knowing your money is federally insured
  • Deposits are limited by IRS annual limits

IRA Certificate

Term*Dividend RateAnnual % Yield
12 Month Traditional IRA0.50%0.50%
18 Month Traditional IRA0.60%0.60%
24 Month Traditional IRA0.65%0.65%
36 Month Traditional IRA0.70%0.70%
48 Month Traditional IRA0.75%0.75%
60 Month Traditional IRA0.80%0.80%

$250.00 minimum balance for IRA certificate accounts required.

APY is Annual Percentage Yield. APY is effective as of 08/04/2020.

12 to 60-month SEP IRAs and Educational IRAs (Coverdell ESAs) are offered at the same above named rate schedule.

How much money do you need to retire?

 

Retirement Planning

Explore retirement savings plans and investment options in our Retirement Planning module on Generations Academy. You’ll learn about investing your money, estate planning, when to collect Social Security, and more!

You can also compare pre-tax accounts (such as a Traditional IRA) versus Roth accounts using the Pretax vs. Roth Analyzer to help determine which account is right for your retirement goals.

Enjoy a wide-range of education materials on other financial topics as well on Generations Academy, presented in quick, interactive, easy-to-follow modules and calculators.

 

Questions? Get Contacted:

Rates are effective as of 12/17/19. Published rates and annual percentage yields (APYs) are subject to change daily.

A penalty will be imposed for early withdrawal. Tax-deferred Certificates may include additional penalties.

Share certificates are available with a minimum deposit of $1,000. IRA certificates are available with a minimum deposit of $250. 6-month IRA certificates are not available.

Annual Percentage Yield (APY) is accurate as of effective date. Rates are fixed for term and interest is compounded monthly. The stated APY assumes principal and interest remain on deposit until maturity. Fees and other conditions could reduce earnings on the account.

Your investments are insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency backed by the full faith and credit of the United States Government.