IRA Share & Certificate Accounts
Key Features
- No monthly fee
- Earns interest
Key Benefits
- Earnings grow tax deferred for a Traditional IRA account until withdrawn
- Traditional IRA’s offer fully deductible contributions
- Earnings are tax free if the account has been open for 5 years with qualified reason on a Roth Account
- Contributions can be withdrawn at any time tax and penalty free
- The Roth does not require distributions after age 70 ½t
Requirements
- Must be a Telco member
- Anyone who has earned income from compensation
- Unless member is doing an IRA rollover or doing a direct transfer from another financial institution, the maximum amount of contributions is set if age 50 or older
- Minimum deposit amount for a CD is $1,000.00
Share Accounts
| Type | Rate | APY |
|---|---|---|
| Share Savings | .05 | .05 |
| IRA | .05 | .05 |
| Checking | .00 | .00 |
| Money Markets | .05 | .05 |
Certificates
| Months | Rate | APY |
|---|---|---|
| 6 | .15 | .15 |
| 12 | .15 | .15 |
| 18 | .15 | .15 |
| 24 | .20 | .20 |
| 30 | .20 | .20 |
| 48 | .30 | .30 |
| 60 | .40 | .40 |