Certificates & IRAs
TERM CERTIFICATES (CDs)
Whether you're saving up for a big purchase, planning for a future milestone, or simply looking for a way to grow your savings, Certificates of Deposit (CDs) offer a reliable and flexible way to do so. With guaranteed rates and a variety of term options to choose from, a CD can help you achieve your financial goals.
Advantages of a Certificate of Deposit (CD):
- Guaranteed Rates. Rates are locked in for the length of the term, which means you know exactly how much interest you will earn.
- Flexible. From 3 months to 60 months, open a certificate with a little as $100 with terms to fit your needs.
- Versatile. Use a certificate of deposit to save for a home project, vacation, college tuition, or another financial goal.
- Higher Interest Rates. Most CDs earn higher interest rates than regular savings accounts.
- Insured. CDs are insured up to $250,000 by the National Credit Union Association (NCUA).
IRA's
Working to build a comfortable retirement nest egg is its own challenge. With a variety of options tailored to fit your current and future financial needs, SCCU can help you select the Individual Retirement Account (IRA) option that works for you.
Traditional IRA | Grow your retirement savings with tax-deferred contributions
Traditional IRAs generate deferred earnings, meaning you won't owe any taxes until your funds are withdrawn from the account.
Roth IRA | Enjoy tax-free withdrawals in retirement
Roth IRAs offer after-tax savings for a tax-free retirement income provided you hold the Roth IRA for at least five years and don’t take distributions before reaching age 59½.
Coverdell Education Savings Accounts (formerly known as Education IRA)
These savings accounts can be opened for any child under age 18 to fund his or her educational expenses, such as tuition, fees, books, supplies, equipment, in some cases computers, and room and board. Earnings grow tax-free if distributions are used for qualified education expenses.