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 Posted:  12/23/2013 15:13

Individual Retirement Accounts

A tax deferred investment in your future, your Individual Retirement Account allows you to contribute up to $5,000 a year, even if you have a retirement program where you work.

The interest is tax deferred, and your spouse may contribute also whether or not he or she works.

  • Competitive, compounding dividends
  • Initial deposits as low as $50 for the Contributory IRA
  • No annual maintenance fee
  • Payroll deduction convenience
  • Terms from one year to 5 years

Effective April 1, 2006 Under the NCUA’s new rules, up to $250,000 in deposit insurance will be provided for the money a member has in a variety of retirement accounts, primarily Traditional and Roth IRAs (Individual Retirement Accounts), at one insured credit union.

In addition, the IRAs and other retirement accounts that will be protected under the new rules to $250,000 are insured separately from other accounts at the same credit union that will continue to be insured up to at least $250,000.

The new law also established a method by which the NCUA would consider an increase in the limits on all insured accounts (including retirement accounts) in the future, but only every five years starting in 2011.  Any such increase would be based, in part, on inflation.

Take a look at the current dividend rates for our IRA accounts:


Individual Retirement Certificate Rates
Period of Investment Dividend Rate APY* Minimum Investment When
Dividend
Paid
1 year 0.29% 0.29% $50.00 IRA 1 year
paid monthly
2 years 0.73% 0.73% $1,000.00 IRA 2 years
paid quarterly
3 years 1.12% 1.13% $1,000.00 IRA 3 years
paid quarterly
4 years 1.55% 1.56% $1,000.00 IRA 4 years
paid quarterly
5 years 2.00% 2.02% $1,000.00 IRA 5 years
paid quarterly
1 year 0.29% 0.29% $50.00 1 year ROTH IRA
2 years 0.73% 0.73% $1,000.00 2 year ROTH IRA
3 years 1.12% 1.13% $1,000.00 3 year ROTH IRA
4 years 1.55% 1.56% $1,000.00 4 year ROTH IRA
5 years 2.00% 2.02% $1,000.00 5 year ROTH IRA
1 year 0.29% 0.29% $50.00 1 year ROTH IRA
Transfer
2 years 0.73% 0.73% $1,000.00 2 year ROTH IRA
Transfer
3 years 1.12% 1.13% $1,000.00 3 year ROTH IRA
Transfer
4 years 1.55% 1.56% $1,000.00 4 year ROTH IRA
Transfer
5 years 2.00% 2.02% $1,000.00 5 year ROTH IRA
Transfer
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National Credit Union Association Equal Housing Lender America's Credit Unions

Your savings Federally insured to $250,000
by the NCUA, National Credit Union Administration,
a US government agency.  Point Loma Credit Union
is an Equal Housing Lender.

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