If you haven't already done so, begin saving for retirement today; it's never too early! PDCU can help with an Individual Retirement Account (IRA). Tax benefits vary depending upon the type of IRA you establish, so be sure you check with your tax advisor for the advantages most beneficial for you.
- Tax-advantaged retirement savings*
- Competitive rates above standard savings
- No setup or administrative fees
- No monthly or annual maintenance fees
- Interest calculated based upon the daily balance, paid and compounded quarterly
- Penalty may apply for early withdrawal
- Annual contribution limits apply
- $25 minimum deposit to open
*Consult a tax advisor.
For more details about IRAs please ask the credit union for a brochure, or visit the Internal Revenue Service web page and search for Publication 590.
- Available IRAs
People Driven Credit Union offers the following types of Individual Retirement Accounts:
VARIABLE RATE IRAS
To establish a PDCU Variable Rate IRA, an initial deposit of $100 is required. You can open a Variable Rate IRA and make regular deposits through payroll deduction, direct deposit, or in-person, and when the account balance reaches $500, you can transfer to a higher rate IRA certificate. Interest on a PDCU Variable Rate IRA is calculated based upon the daily balance, and is paid and compounded quarterly. A Variable Rate IRA can be established for a Traditional, Roth or Coverdell Educational IRA.
MONEY MARKET IRA
Earn higher rates with a higher balance with the ability to add or withdraw funds at any time. The Money Market IRA is ideal for making regular withdrawals when you are ready to use your IRA funds or make required distributions. This account requires a minimum balance of $1,000 and earns the highest rate with a balance of $25,000 or more.
TRADITIONAL IRA CERTIFICATES
The minimum deposit necessary to establish a Traditional IRA Certificate is $1,000 for terms of eighteen months, one, two or three years, and $500 for terms of four, five or seven years.
ROTH IRA CERTIFICATES
The minimum deposit necessary to establish a Roth IRA Certificate is $1,000 for terms of eighteen months, one, two or three years, and $500 for terms of four, five or seven years. Roth IRAs are available to any member who has income from compensation, with no age restriction.
COVERDELL EDUCATIONAL IRA CERTIFICATES
The minimum deposit necessary to establish a Coverdell Educational IRA Certificate is $1,000 terms of eighteen months, one, two or three years, and $500 for terms of four, five or seven years.