An IRA Certificate of Deposit is a retirement savings account that combines the tax advantages of an Individual Retirement Account with the fixed rate and set term of a Certificate of Deposit. It can be a good option if you want predictable growth and a more conservative way to save for the future.
How it works
With an IRA Certificate, you deposit funds for a fixed term and earn a fixed rate during that term. At maturity, the certificate may renew automatically unless you give other instructions. Depending on the IRA type you choose, such as Traditional or Roth, the tax treatment may be different.
What to keep in mind
At People Driven Credit Union, IRA Certificates require a $500 minimum deposit and do not have setup, administrative, monthly, or annual maintenance fees. Annual contribution limits apply, and early withdrawal penalties may apply.
If you want help choosing the right IRA Certificate for your goals, call 844-700-7328 during business hours.
