Individual Retirement Accounts (IRA)

Accounts

Features at a glance

  • IRA Certificate rates as high as 1.850% APY1
  • No minimum deposit and no monthly maintenance fees
  • Contributions may be tax deductible, helping to reduce your current tax burden
  • Flexible options for our IRA Certificates

American workers face many challenges today when it comes to planning their financial security for their retirement years.  The questions surrounding the future of Social Security and the reduction in employer-sponsored pension plans have led more and more people to look for their own options when it comes to retirement.  Scott Credit Union IRAs can be the answer to some of those tough questions regarding your future retirement income.  Whether your goal is to defer taxes, save for your child’s education, or simply to prepare for retirement, we have the IRAs to meet your needs. If you are changing jobs and need to rollover your 401k into an IRA, we can help!

We offer two ways for you to grow your Scott Credit Union IRA Account.

IRA Share Account

Our Traditional IRA Share Account allows for you to earn APY1 on balances of any amounts.  There is no minimum balance and no monthly maintenance fees.  It also gives you some flexibility if you would need quick access to the money.

IRA Certificates

These allow you to invest your IRA funds into different certificates terms from 1 year up to 5 years. Typically, you will earn a higher rate with a longer term IRA. We also offer a higher rate for higher balance accounts.  View all of our IRA Certificate rates.

Choose the Scott Credit Union IRA that is right for you.

Traditional IRA

These are best if you would like to reduce your taxable income now, and you don’t plan on making withdrawals until retirement. You don’t pay taxes until you take money out, which typically occurs after you are retired and in a lower income tax bracket. Learn more about Traditional IRAs.

Roth IRA

You would like more flexibility for withdrawals, you want the ability to grow your contributions tax-free, or you plan to work past the age of 70.  Roth IRA contributions are taxed before your contribution, so you don’t have to pay taxes when you take your money out of the account. Learn more about Roth IRAs.

Education Savings IRA

An ESA IRA is a savings arrangement in which contributions are invested for the purpose of funding a student’s education.  Contributions are not tax-deductible, but they may earn interest tax-deferred until distribution.  Learn more about ESA IRAs.

Get all the information you need to choose and apply for an IRA right here through our IRA  Service Center.

1APY = Annual Percentage Yield.

IRA Certificate Rates

These rates are effective as of May 24, 2017.

Minimum Deposit Term Dividends Compounded Balance Method Dividends Paid APY
$500 1 year Quarterly Daily Quarterly 0.550%
$500 18 Months Quarterly Daily Quarterly 0.650%
$500 2 years Quarterly Daily Quarterly 0.750%
$500 30 Months Quarterly Daily Quarterly 0.900%
$500 3 years Quarterly Daily Quarterly 1.100%
$500 4 years Quarterly Daily Quarterly 1.350%
$500 5 years Quarterly Daily Quarterly 1.650%
Minimum Deposit Term Dividends Compounded Balance Method Dividends Paid APY
$50,000 1 year Quarterly Daily Quarterly 0.700%
$50,000 18 Months Quarterly Daily Quarterly 0.800%
$50,000 2 years Quarterly Daily Quarterly 0.900%
$50,000 30 Months Quarterly Daily Quarterly 1.050%
$50,000 3 years Quarterly Daily Quarterly 1.250%
$50,000 4 years Quarterly Daily Quarterly 1.500%
$50,000 5 years Quarterly Daily Quarterly 1.800%
Minimum Deposit Term Dividends Compounded Balance Method Dividends Paid APY
$100,000 1 year Quarterly Daily Quarterly 0.750%
$100,000 18 Months Quarterly Daily Quarterly 0.850%
$100,000 2 years Quarterly Daily Quarterly 0.950%
$100,000 30 Months Quarterly Daily Quarterly 1.100%
$100,000 3 years Quarterly Daily Quarterly 1.300%
$100,000 4 years Quarterly Daily Quarterly 1.550%
$100,000 5 years Quarterly Daily Quarterly 1.850%

APY = Annual Percentage Yield

All certificates will be automatically renewed at maturity at the rate of interest in effect on the renewal date for successive periods equal to the original term unless the certificate is presented for payment on or within 10 days after the maturity date.

A penalty will be imposed for withdrawal of funds before the original maturity date, or any successive maturity date of a certificate.

* If the original or subsequent term of the certificate is 91 days or less; all dividends will be forfeited.

* If the original or subsequent term of the certificate is greater than 91 days, but 12 months or less; the lesser of an amount equal to 90 days dividends or all dividends already paid will be forfeited.

* If the original or subsequent term of the certificate is greater than 12 months; the lesser of an amount equal to 182 days dividends, or all dividends already paid will be forfeited.

* If the original or subsequent term of the CD is 48 months or greater, the lessor of an amount equal to 365 days dividends, or all dividends already paid will be forfeited.

Get started today – become a member of Scott Credit Union!