Individual Retirement Accounts

Individual Retirement Accounts is rated 4.3 out of 5 by 10.
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No matter where you are in life, there are steps you can take today to ensure a more comfortable future for you and your loved ones.

Let PSECU help. We offer a range of retirement savings options - including IRA plans - that can get your money working for you and provide you with a path to financial freedom.

Types of IRAs

PSECU offers the following types of retirement savings accounts:

  • Traditional IRA, which allow you to defer a portion of your taxable income toward your retirement savings
  • Roth IRA, which offer tax-exempt withdrawals at any time during retirement
  • Coverdell Education Savings Account, which are a type of IRA that sets up a tax-deferred educational trust for your children or another beneficiary

Check out our current rates on the chart below, or contact a PSECU IRA Specialist directly for assistance.

Roth vs. Traditional IRAs*

Traditional and Roth IRAs are similar in many ways. Both have the same contribution limits and similar terms, such as:

  • A maximum annual contribution amount of $5,500, or 100% of employment compensation, whichever is less, for anyone under 50
  • A $1,000 "catch up" provision that allows anyone over 50 to contribute as much as $6,500 annually
  • Contributions can be made up to the day taxes are due (April 15 in most years)

Beyond these basics, however, there are several key differences between Roth and traditional individual retirement accounts. These include:

  • Income eligibility. Anyone can open a traditional IRA. However, to open a Roth IRA, there are income eligibility requirements. Individuals must have a Modified Adjusted Gross Income (MAGI) of less than $118,000 to make a full contribution, and no more than $133,000 to make a partial contribution. Families must have a MAGI of less than $186,000, or between $186,000 and $196,000, to make a full or partial contribution, respectively.
  • Tax benefits. A key distinction between traditional and Roth IRAs is the tax incentives they offer. With a traditional IRA, your annual contribution can be deducted from your state and federal returns. However, when your savings are withdrawn at retirement, they are taxed as income. A Roth IRA in most cases allows any money you earn or withdraw from them to be tax-free.
  • Withdrawal rules. The other major difference between traditional and Roth individual retirement accounts is that, while a traditional IRA requires you to start taking minimum withdrawals at age 70 ½, a Roth IRA does not. This means that, if you wish, your savings can continue to sit in your account and generate tax-free income for as long as you live.

A number of different factors will determine which type of IRA is best for you. Retirement savings can be intimidating, but with us in your corner, you will be well positioned to make smart choices. Get in touch to start the process today.

Rates valid as of 6/19/2018 6:16 PM

3 months.50%Calculate0.50%
6 months.75%Calculate0.75%
9 months1.00%Calculate1.00%
12 months1.60%Calculate1.59%
18 months1.80%Calculate1.79%
24 months2.00%Calculate1.98%
36 months2.25%Calculate2.23%
48 months2.50%Calculate2.47%
60 months2.75%Calculate2.72%
*APY denotes Annual Percentage Yield

Rates and information are subject to change at any time. Recurring deposits may be made into the certificate through automatic transfers (ATS) only. You may set up recurring deposits through ATS within 30 days after the certificate is purchased. Deposits can be stopped or reduced at any time. This rate will be paid until the certificate matures. Your certificate will automatically renew at the rate in effect at the time of maturity unless we are contacted on or before the maturity date. Upon renewal, the term will be the same as the original term. You have ten calendar days after maturity to redeem your certificate without penalty if you do not want to renew. Dividends will not accrue on the certificate after the maturity date unless it is renewed. A penalty will be imposed for early withdrawal. A minimum daily balance of $500 must be maintained in order to earn the disclosed APY.

**The content provided is for informational purposes only. Nothing stated is to be construed as financial or legal advice. PSECU recommends that you seek the advice of a qualified financial, tax, legal or other professional if you have questions.

Rated 5 out of 5 by from Great Product Great product since you can put money aside and not think about it and use it. You can decide how long to save it for. If you want shorter term since you don't know when you might need it, you can just keep rolling it over until you really need it.
Date published: 2018-05-30
Rated 1 out of 5 by from Good product poor service Not polite when i called with an issue. Very disrespectful and never called me back as promised Tempted to close all accounts and go elsewhere.
Date published: 2018-02-22
Rated 5 out of 5 by from IRA Works as expeded. Have not had any activity with the account........
Date published: 2017-12-28
Rated 3 out of 5 by from locked rate If some options were given to invest in other funds, the product may produce a higher rate of return. With no pension and questionable Social Security benefits for we Baby Boomers, we need to invest in ourselves. Time is running out for myself. Merry Christmas and a Happy New Year. Keep Christ in Christmas/
Date published: 2017-12-10
Rated 5 out of 5 by from interest rates are good this product is very good,the people working there are very helpful,hours of operation are good,plus 24 /7 online.
Date published: 2017-11-06
Rated 5 out of 5 by from Great product Good rates and associates are always so helpful. Thank you for being such a great credit union!
Date published: 2017-10-24
Rated 5 out of 5 by from Excellent customer service and products All the products offered are first class. Also, when calling or emailing with a question or problem, responses are immediate with explanations one can understand.
Date published: 2017-09-01
Rated 4 out of 5 by from good product could use some alternative investment choices besides c d's
Date published: 2017-09-01
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