Is a Money Market IRA a good option for required minimum distributions (RMDs)?
Yes, a Money Market IRA is well-suited for individuals who need to make regular withdrawals, such as RMDs, as it provides easy access to funds while continuing to earn...
Continue ReadingCan I withdraw money from my Money Market IRA at any time?
Yes, you can access funds as needed. However, early withdrawals may be subject to taxes or penalties depending on your account type (Traditional or Roth) and how long you have held the...
Continue ReadingHow do I open a Money Market IRA at People Driven Credit Union?
To open a Money Market IRA, you’ll need to schedule an in-person appointment at one of our branch...
Continue ReadingIs my Money Market IRA insured?
Yes, Money Market IRAs with People Driven Credit Union are federally insured to at least $250,000 by the NCUA and backed by the full faith and credit of the United States...
Continue ReadingWhat’s the difference between an Educational IRA and a 529 Plan?
Educational IRA vs. 529 An Educational IRA, known as a Coverdell Education Savings Account (ESA), and a 529 Plan are both tax-advantaged savings options for educational expenses, but they differ in several important ways: 1. Contribution Limits ...
Continue ReadingWhat’s the difference between dividend/interest rate and APY?
The difference between the Dividend Rate and APY (Annual Percentage Yield) lies primarily in considering compounding. Here’s a breakdown: Interest Rate Definition: The interest rate is the nominal rate at which interest is paid on the...
Continue ReadingWhat is an Educational IRA Certificate?
An Educational IRA Certificate, commonly known as a Coverdell Education Savings Account (ESA) Certificate, is a savings product designed to help families save for educational expenses. This type of account combines the benefits of a Certificate of...
Continue ReadingWhat is a Money Market IRA Certificate?
A Money Market IRA Certificate is a retirement savings product that combines the features of a money market account with those of a Certificate of Deposit (CD), all within the structure of an Individual Retirement Account (IRA). Here’s a detailed...
Continue ReadingWhat is a Traditional IRA Certificate?
A Traditional IRA Certificate is a type of savings product offered by financial institutions that combines the benefits of a traditional Individual Retirement Account (IRA) with the features of a Certificate of Deposit (CD). Here’s a breakdown of its...
Continue ReadingWhat is a Roth IRA Certificate?
A Roth IRA Certificate, also known as a Roth IRA CD (Certificate of Deposit), is a type of investment that combines the benefits of a Roth Individual Retirement Account (IRA) with the fixed interest rates and security of a Certificate of Deposit...
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