IRA CDs are a safe, secure way to earn guaranteed interest payments on your money and to save for retirement without going through your employer.
With flexible terms ranging from 3 months to 5 years, great interest rates, and a minimum deposit of only $500, WSCU should be first on your list for secured deposits. All deposits are insured by the NCUA to at least $250,000. Don’t forget that an IRA CD is also subject to the same rules as any other IRA. That means it is subject to the same IRA contribution limits. You can choose between a Traditional IRA CD or a Roth IRA CD.
Minimum opening deposit $500
Terms vary from 3 – 60 months
Fees are charged for early withdrawals from a CD (except RMD withdraws)
Fixed interest rate
Interest is compounded and paid quarterly. The longer the term, the higher the interest the CD will earn.
Members of the VIP Club can earn higher interest rates
Additional deposits can be made at maturity or within 10 days grace period of maturity
Contributions to Traditional IRA CDs are tax deductible and earnings are tax deferred until withdrawal, which can begin at age 59 ½ and mandatory withdrawals begin at age 70 ½
Contributions to Roth IRA CDs are not tax deductible, but withdrawals are 100% tax free and can begin at age 59 ½. Roth IRAs are not subject to Required Minimum Distribution rules until the death of the owner.
*Yield = Annual Percentage Yield. Deposits are insured by the National Credit Union Administration to at least $250,000. Savings, money market, accumulator and checking account dividends are compounded monthly. Certificate dividends are compounded quarterly. Minimum deposits indicate the minimum average daily balance required to receive the stated dividend rate. Share Savings yield is declared as a dividend for the previous month.
**V.I.P. rates are reserved for V.I.P. club members. For more information on the V.I.P. Club, click here.
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