|
Certificates |
Shares |
| Minimum Balance to Open: |
$500. A completed 5305-A IRA application is required to open an IRA Certificate. |
None. A completed 5305-A IRA application is required to open an IRA. |
Minimum Balance to
Earn
Annual Percentage Yield (APY): |
$500 |
None |
| Rate: |
Declared weekly. Fixed for the term of your IRA Certificate. |
Declared monthly. Variable. |
| Dividends*: |
Earned day of deposit to day of withdrawal. Dividends are calculated by the daily balance method. Dividends are credited and compounded into an IRA Certificate. Available dividends may be withdrawn anytime without a PSECU penalty, but may be subject to IRS penalties. Early withdrawal will reduce the earnings. |
Day of deposit to day of withdrawal. Dividends are calculated on average daily balances and are compounded and paid monthly into shares. |
| Terms: |
3, 6, 9, 12, 18, 24, 36, 48 and 60 months. |
Daily |
| Maturity: |
An IRA Certificate will automatically renew at the rate in effect at the time of maturity unless you contact PSECU on or before the maturity date. Upon renewal, the term will be the same as the original term. You have up to 10 days after maturity to notify us if you wish to redeem without penalty. A Maturity Notice will be mailed approximately 10 days before the maturity date. |
None |
| Withdrawal Restrictions**: |
An early withdrawal will cause forfeiture of 90 days of dividends on the principal amount withdrawn whether or not the account has earned an initial dividend. This penalty will be deducted from the Certificate and calculated at the annual rate of interest being paid on the IRA Certificate. If the withdrawal plus penalty takes the Certificate below the minimum $500 balance, the Certificate will be closed and funds placed into the IRA Shares. All IRA Certificate penalty withdrawals must be in writing accompanied by an IRA Withdrawal and W-4P form. $100 minimum withdrawal. PSECU penalties will not be incurred on a withdrawal of earned dividends. May be subject to IRS penalties. |
No PSECU penalty. May be subject to IRS penalties. IRA Withdrawal and W-4P forms are required for any withdrawal. |
| Fees: |
None |
None |
| Transaction Limits: |
Not applicable |
Not applicable |
| Additional Deposits: |
Start or increase recurring deposits up to 30 days after your Certificate is opened or renewed. Stop or decrease deposits at any time. Recurring deposits are made through Automatic Transfers only. IRA recurring payments or transfers are for current calendar year only. If the funds to be transferred are not available on your transfer date, only the available funds will be transferred. |
Can be made at any time. May start or stop recurring payments or transfers at any time. IRA recurring payments or transfers are for current calendar year only. |
*The payment of dividends is based on the available current and undivided earnings of PSECU. Regulations prohibit dividends in excess of available earnings. The Annual Percentage Yield (APY) calculations are based on the assumption that the dividends remain on deposit for a full year (Shares) or until maturity (Certificates). Any withdrawal will reduce earnings.
**There are no PSECU penalties on an IRA Certificate if a member has reached 59½ years of age; the Certificate is within the seven-day IRS revocation period; or there is a death of the IRA owner. PSECU will also waive the penalty for early distribution for any purpose recognized by the IRS as a penalty-free distribution. Any IRA withdrawals may be subject to IRS penalties. Theforegoing is offered solely for the purpose of providing account services information to PSECU members. PSECU does not intend to offer any tax or legal advice. Please contact a tax, financial or legal adviser prior to acting on this or any investment information.