IRA Certificates

Individual Retirement Accounts (IRA)

Whether retirement is right around the corner or your child is heading off to college in the distant future, an Individual Retirement Account (IRA) from Cy-Fair Federal Credit Union might be a smart investment option for your future. IRAs are beneficial retirement options because they allow your hard earned money to grow for an extended period of time while also providing certain tax advantages.  

IRA Savings Account

  • Only $100 deposit required

  • Competitive Rates

  • Quarterly paid dividends

  • Deposit money anytime

  • Payroll deduction deposits available

  • Funds federally insured by the NCUA to at least $250,000

IRA Certificates

  • Only $1000 deposit required

  • Competitive Rates

  • Quarterly paid dividends

  • Payroll deduction deposits available

  • Funds federally insured by the NCUA to at least $250,000

 

Traditional IRA

This type of IRA allows individuals to contribute pre-taxed income toward their retirement without being taxed on dividend income. In addition, you may contribute any portion of your income up to specified annual limits. 

 BENEFITS:

  • Competitive Rates

  • Contributions may be tax-deductible

  • Earnings grow tax-deferred until withdrawn

  • Funds federally insured by the NCUA to at least $250,000

Contact us for the latest details in relation to withdrawals and other important information.

 

Roth IRA

A Roth IRA differs from the Traditional IRA in that your income is taxed prior to contributions being made to the account. The benefit of this type of account, however, is that you will not be taxed on these funds if and when you withdraw them. In addition, you may contribute any portion of your income up to specified annual limits. 

BENEFITS:

  • Competitive Rates

  • Quarterly paid dividends

  • Regular contributions can be withdrawn tax and government-penalty free at any time

  • Funds federally insured by the NCUA to at least $250,000

Contact us for the latest details in relation to withdrawals and other important information.

 

Coverdell Education Savings Account/Educational IRA 

The rising cost of education-related expenses is a good reason to open a Coverdell Education Savings Account. This account is a smart way to save for all expenses related to your child’s education, like tuition, fees, books, supplies, etc.

BENEFITS:

  • No minimum age to open (but must be opened before age 18)

  • Quarterly paid dividends

  • Contribute up to $2,000 per year until child’s 18th birthday

  • Contributions can be made by anyone

  • Tax-free and penalty-free withdrawals for qualified education expenses

  • Withdraw funds at any time

  • Funds must be used by age 30 (transfer of funds to a family member after age 30 is permitted)

  • Funds federally insured by the NCUA to at least $250,000

For more information about the Coverdell ESA, please visit the IRS website for specific details: www.irs.gov/taxtopics/tc310.html

 

*All rates and terms are subject to change without notice. Fees may reduce earnings on accounts. An Early Withdrawal Penalty may be imposed for early certificate withdrawals. IRA accounts are subject to IRS rules.