IRA Certificate of Deposit

What It Is		A fixed rate account with the expressed purpose of saving for retirement
What It Does		Allows members to save for retirement in a safe, insured account that offers tax benefits depending on the type of account
Who Is Eligible		TRADITIONAL Anyone under age 70 ½ who has income from compensation, or anyone who has received a distribution from a qualified retirement plan and decides to roll over the proceeds of the plan into an IRA ROTH Anyone who has income from compensation, with MAGI up to $105,000 for single filers and up to $166,000 for joint filers. Reduced contributions allowed for higher incomes.
Types		-Traditional -ROTH -SEP (Simplified Employee Pension) -Coverdell Education Savings
Terms		24 months
Minimum Deposit		$2,500.00
Minimum Balance to Earn Interest (APY)		$2,500.00
Monthly Service Fee		NO
Dividends Paid		YES Semi-Annually
Tiered Rate		NO
How Often Can APY Change		Rates are determined by the board and can change at anytime. CDs that are locked in, however, can only be changed at maturity or during the grace period.
Limit on Withdraws or Transfers		YES Withdrawals or deposits can only be made when the CD is in its grace period.
Revoking		Can only be revoked within 7 days after receiving disclosure statement
Withdraw Fee		Taxes/penalties may apply to withdrawals depending on type of IRA, when the withdrawal occurs, and what the withdrawal is for.
Balance Method		Daily - meaning dividends are calculated by applying a rate to the balance in the account each day.
Contribution Limit		Varies each year
Dormant Fee		NO
Special Characteristics		-Can choose to contribute under previous tax year prior to April 15th of current year. -Must designate percentage of distribution for beneficiaries, if applicable -IRA Disclosure Statement details further limitations & benefits -Must be single ownership, no joint IRAs -Insured up to $250,000 by NCUA and are insured separately from other share accounts

| Print |

Federally Insured by NCUA

At times, we may provide links to sites outside the control of our institution.
We do not make any representations concerning the linked sites' contents or availability.
You should review each site's privacy and information security policies carefully before you enter confidential information.

Deposit and loan products offered by
SouthPoint Federal Credit Union, Member NCUA
Equal Housing Lender

Investment Products: Not NCUA Insured • No Credit Union Guarantee • May Lose Value

Marketing and Website provided by theWEBcentric