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
- See current IRA rates
- Enjoy peace of mind knowing your money is federally insured
- Deposits are limited by IRS annual limits
IRA Certificate
| Term* | Dividend Rate | APY** |
|---|---|---|
| 12 Month Traditional IRA | 2.18% | 2.20% |
| 18 Month Traditional IRA | 2.18% | 2.20% |
| 24 Month Traditional IRA | 2.37% | 2.40% |
| 36 Month Traditional IRA | 2.62% | 2.65% |
| 48 Month Traditional IRA | 2.62% | 2.65% |
| 60 Month Traditional IRA | 3.30% | 3.35% |
*$250.00 minimum balance for IRA certificate accounts required.
**APY is Annual Percentage Yield. APY is effective as of 02/15/2024.
Published rates and APYs are subject to change daily. A penalty will be imposed for early withdrawal. Tax-deferred Certificates may include additional penalties. Annual Percentage Yield (APY) is accurate as of effective date. Rates are fixed for term and dividends are compounded monthly. The stated APY assumes principal and dividends remain on deposit until maturity. Fees and other conditions could reduce earnings on the account.
12 to 60-month SEP IRAs and Educational IRAs (Coverdell ESAs) are offered at the same above named rate schedule.