IRAs

There are two main types of IRAs: Roth and Traditional. In very general terms, the Roth IRA is a nondeductible IRA, meaning you don’t deduct your IRA contribution from your gross income the year you contribute. Any earnings on your investment is tax-free if taken out after age 59 1/2. The Traditional IRA is a deductible IRA, if you qualify. The money you invest is deducted from your gross income the year you contribute. Any withdrawals from your account after age 59 1/2 is taxed at your current rate at that time.

There are limitations on both of them and penalties may apply on either IRA for early withdrawals (prior to age 59 1/2).

For self-employed 1099 income, there are additional options available. Contact Financial Consultant Gary Ginsberg, registered representative with AIG Royal Alliance Associates, Inc., member FINRA / SIPC, at the Credit Union for more information or to set up a no-fee, no-obligation appointment; 212.869.8926, ext. 315. Or contact your investment advisor or accountant.

Term APY APR
Money Rate 0.50% 0.50%
6 Months 0.80% 0.80%
12 Months 1.05% 1.05%
24 Months 1.35% 1.34%
36 Months 1.45% 1.44%
60 Months 2.15% 2.13%
As of 10/30/2014

Rates subject to change without notice.
Regular IRA minimum deposit $250.
Money Rate IRA minimum deposit $50.
Substantial penalties for early withdrawal.
IRAs are insured by the NCUSIF up to a maximum of $250,000.

Download Information on Roth IRAs

Download Information on Traditional IRAs

Download a fillable Deposit Ticket.