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IRAs
Traditional IRA
An Individual Retirement Account (IRA) from White Sands Federal Credit Union is a great way to plan for your future. Each situation is different, but with three great options to choose from – Educational, Roth, SEP and Traditional – you have the freedom to decide what is best for you. Your retirement will come sooner than you think. Are you ready? You will be one step closer with an IRA from White Sands Federal Credit Union.
Educational IRA (Coverdell Education Savings Account)
The Coverdell Education Savings Account was created to help parents save for qualified education expenses for a child. Withdrawals are tax and penalty free only for qualified educational expenses. Funds may be transferred from one child’s account to another child within the family.
- Contributions are not tax deductible
- Annual contribution limit is $2,000
- Earnings are tax free if used for education expenses of the child
- Child is “designated beneficiary”
- Account must be established before child is 18
- Account is in the name and SS# of child
- Funds in the account are controlled by the “responsible individual”
Roth IRA
The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are non-deductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70 ½.
- Enjoy tax-deferred growth and tax-free withdrawals; contributions are made with after-tax dollars.
- Avoid early distribution penalties on certain withdrawals.
- Avoid taking required minimum distributions.
SEP IRA
The SEP IRA or Simplified Employee Pension Individual Retirement Account allows self-employed individuals (and some business owners with employees) higher annual contribution limits than with Traditional or Roth IRAs. A SEP IRA also offers completely discretionary and flexible annual contributions and minimal administration requirements.
IRA Share Certificate
White Sands Federal Credit Union offers a variety of Share Certificate terms to meet your needs. Share certificates are a good place to keep your money if you won't need it right away. With our competitive dividends rates and flexible terms, you can't go wrong with a Share Certificate from White Sands Federal Credit Union.
IRA
| Dividend Rate | Annual Percentage Yield | |
|---|---|---|
| Regular IRA | 0.15% | 0.15% |
APY: Average Percentage Yield, based on compounded rate.
Share and IRA Certificate
| Dividend Rate | Annual Percentage Yield | |
|---|---|---|
| 6 month | 0.25% | 0.25% |
| 1 year | 0.40% | 0.40% |
| 18 month | 0.50% | 0.50% |
| 2 year | 0.65% | 0.65% |
| 3 year | 0.85% | 0.85% |
| 4 year | 0.90% | 0.90% |
| 5 year | 1.30% | 1.31% |
Regular share and IRA certificate- Minimum required deposit $1,000
APY: Average Percentage Yield, based on compounded rate
Jumbo Share and IRA Certificate
| Dividend Rate | Annual Percentage Yield | |
|---|---|---|
| 6 month | 0.35% | 0.35% |
| 1 year | 0.50% | 0.50% |
| 18 month | 0.60% | 0.60% |
| 2 year | 0.75% | 0.75% |
| 3 year | 0.95% | 0.95% |
| 4 year | 1.00% | 1.00% |
| 5 year | 1.40% | 1.41% |
Jumbo share and IRA certificate- Minimum required deposit $25,000
APY: Average Percentage Yield, based on compounded rate
Share Accounts: The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. The dividend rate and annual percentage yield may change monthly as determined by the credit union's board of directors. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period. If you close your account before accrued dividends are credited, accrued dividends will not be paid. There is a minimum average daily balance to avoid a service fee for the dividend period. If the minimum average daily balance is not met, there will be a service fee as set forth in the Truth and Savings Disclosure. There is a minimum average daily balance required to obtain the Annual Percentage Yield. Dividends are calculated by applying a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period. For savings and money market accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your accounts may be subject to a fee or be closed.
Share Account IRA: The dividend rate and annual percentage yield may change monthly. Dividend rates are declared at the end of each dividend period. Dividends are compounded annually. If funds are withdrawn before the end of the month, dividends will not be paid for that month. Additionally, the IRS will impose a 10% penalty if funds are withdrawn before you reach the age of 59 . For additional information refer to your IRA account opening documents. Also available are Roth and Educational IRAs.
Share Certificates: Rates are variable and are determined at the discretion of the board or directors; therefore, the dividend rate and annual percentage yield may change. The dividend rates and annual percentage yield are fixed rates. That is, the dividend and annual percentage yield (APY) are reflected under investment rates. The dividend rate and annual percentage yield may change weekly on new certificates. If you close your account before dividends are credited, a penalty will be imposed as specified on the certificate document. The opening and minimum balance requirement is 1000.00-25,000. You may not make deposits into the account until the maturity date stated on the certificate. Other penalties that may be imposed are outlined on your certificate provided at the time it was opened.
