MECU IRAs, IRA CDs, and Educational Savings Accounts
Secure a brighter financial future at MECU.
No matter what your age, it's always the right time to plan for retirement. MECU IRAs can save you money on taxes* and prepare you for a more secure retirement, plus there is no fee for establishing or maintaining your IRA at MECU.
SEE HOW RAPIDLY YOUR MONEY CAN MULTIPLY!
| IRA Type | Withdrawls | Distributions | Contributions (For Year: 2011) |
Tax Considerations |
| Traditional IRA or IRA CD | 10% penalty on withdrawals made before the age of 59-1/2. Certain exceptions may apply. Consult a tax adviser for details. | Required, beginning at age 70-1/2 | Up to $5,000/yr until age 50 Up to $6,000/yr after age 50 |
May be tax deductible; check with your financial adviser |
| Roth IRA | Tax free, under certain circumstances | None required | No restrictions as long as you meet income requirements | Not tax deductible, but interest can be withdrawn tax-free |
EDUCATION SAVINGS ACCOUNT (ESA)
This type of certificate account is a tax-advantaged savings account for all expenses related to education, including tuition, fees, books, supplies, equipment and, in some cases, room and board and computers. Contributions are allowed up to $2,000 per child per year. An Education Savings Account (ESA) is not tax-deductible, but withdrawals and earnings may be tax-free. Check with a financial adviser.
SEE WHICH TYPE OF IRA IS RIGHT FOR YOU:
Rates as of: February 1, 2012 IRA Savings Accounts |
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|---|---|---|---|
| Account Type | Interest Rate | (APY) Annual Percentage Yield |
Minimum Initial Deposit † |
| Individual Retirement Accounts-Traditional * | 0.50 % | 0.50 % | $25 |
| Individual Retirement Accounts-Roth * | 0.50 % | 0.50 % | $25 |
| Education Savings Account * | 2.09 % | 2.11 % | $25 |
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Consult a tax adviser for details. IRA Certificates of Deposit are also available. See our Certificates of Deposit page for available rates and terms.
