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Planning for your future has never been easier. Open an individual retirement account (IRA) savings account or certificate. We have accounts for both education and retirement.
Our IRA options allow you to pick the account that will best put you on a path to financial freedom. A big benefit is financial security: The National Credit Union Administration (NCUA) federally insures your PSECU retirement accounts up to $250,000. Your IRA funds are insured separately from your other PSECU shares.
By comparison, an IRA you open at a brokerage firm or mutual fund company is not federally insured if it contains investments with variable rates and market fluctuations.
A Traditional IRA can be a good option if you expect to be in a lower tax bracket when you retire, or if you need to rollover money from a traditional employer retirement plan. You pay taxes on money in a Traditional IRA later, when you withdraw it during retirement.
A Roth IRA is a helpful tool if you expect to be in a higher tax bracket when you retire. You don’t earn tax deductions on your contributions, but your money grows and can be withdrawn tax-free when you retire. You also have options for withdrawing your contributions even before retirement.
An ESA is a type of tax-advantaged IRA families can use to cover educational expenses (elementary, secondary, or college) for children or other beneficiaries.
Before you continue, you must first be a PSECU member. If you're not a PSECU member, join us.
Choose from a Traditional IRA, Roth IRA, or Coverdell ESA. Then add one or both options: IRA Share and IRA Certificate.
You can now start contributing funds to your account.
| Description | APY* | Dividend Rate | |
|---|---|---|---|
| IRA Shares | 0.25% | 0.25% | |
| 3 months | 1.50% | 1.49% | |
| 6 months | 3.70% | 3.64% | |
| 9 months | 3.75% | 3.69% | |
| 12 months | 3.80% | 3.74% | |
| 18 months | 3.55% | 3.49% | |
| 24 months | 3.55% | 3.49% | |
| 36 months | 2.60% | 2.57% | |
| 48 months | 2.65% | 2.62% | |
| 60 months | 2.70% | 2.67% |
It depends on whether your IRA is a share or certificate account. If you have an IRA share, you can add money to your account whenever you like, up to your personal IRA contribution limits. If you’re unsure about your contribution limits, check with your tax or financial advisor.
If you have an IRA certificate, once you open the certificate, you can’t add money to it until its term ends. However, you can preschedule a transfer, so you automatically add money to the certificate as soon as it “matures” (its term ends). You have a 10-day grace period after your certificate matures to add money or transfer your balance to another account. After the 10 days, we’ll automatically re-deposit your balance into another certificate of the same term.
In all cases, it’s your responsibility to make sure you don’t deposit more into your IRAs than the current tax law and your personal income limits allow. If you’re unsure about your contribution limits, check with your tax or financial advisor.
It depends on whether your Coverdell ESA is a savings or certificate account. If it’s a savings share, you can add money to the account whenever you like. Your beneficiary is eligible to receive a total of $2,000 in Coverdell account contributions each year, from all sources.
If you have a Coverdell ESA share certificate, once you open the certificate, you can’t add money to it until its term ends. However, you can preschedule a transfer, so you automatically add money to the certificate as soon as it “matures” (its term ends). You have a 10-day grace period after your certificate matures to add money to it or transfer your balance to another account. After the 10 days, we’ll automatically re-deposit your balance into another certificate of the same term.
If you open an IRA share, there’s no minimum balance on this account*. If you open an IRA share certificate, you can open an account with just $500, no matter which term you choose (from 3 to 60 months).
*If you’re a new PSECU member, you’ll need to deposit a $5 minimum deposit in a Regular Savings Share Account (S1) to create and retain your membership.
If you open a Coverdell ESA savings share, there’s no minimum balance on this account*. If you open an IRA share certificate, you can open an account with just $500, no matter which term you choose (from 3 to 60 months).
*If you’re a new PSECU member, you’ll need to deposit a $5 minimum deposit in a Regular Savings Share Account (S1) to create and retain your membership.
You can:
For any changes to your existing IRA, contact us or log into your PSECU account.
Annual contributions can be withdrawn at any time without IRS penalty. In order to withdraw earnings tax and IRS penalty free, the Roth IRA must be open for 5 years and the withdrawal must be made for one of the following reasons: age 59 1/2, death, disability, or a first home purchase.
More gimmes + less gotchas = modern digital banking. Become a member today, and let your money live in the 21st century.
*See IRS Publication 590 for more information about income limitations: www.irs.gov.
