What is a Money Market IRA?
A Money Market IRA is a retirement savings account that combines the benefits of a Money Market Account with the tax advantages of an Individual Retirement Account (IRA). It provides a flexible option for those who want to earn competitive interest while...
Continue ReadingCan I open a Money Market IRA as a Traditional or Roth IRA?
Yes, a Money Market IRA can be opened under either a Traditional or Roth IRA, allowing you to choose the tax structure that best meets your retirement...
Continue ReadingWhat is the minimum balance required to open a Money Market IRA?
To open a Money Market IRA with People Driven Credit Union, a minimum deposit of $1,000 is...
Continue ReadingHow does the interest rate work for a Money Market IRA?
Interest rates for a Money Market IRA are tiered, increasing as your balance grows. Our highest rate is available for accounts with a balance of $25,000 or...
Continue ReadingIs 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...
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