Individual Retirement Accounts

We offer IRAs that meet your needs!

IRAs are the smart investment vehicle for retirement. They provide a disciplined method of saving for the future. You may also enjoy tax advantages which allow your money to grow faster and greater than non-tax-advantaged accounts. Financial Plus Credit Union's IRAs offer:

• No minimum balance requirements for the IRA Savings Plan
• Multiple variable rate and tiered structure similar to the Credit Union's current "CUPID" money market account.
• No monthly fees
• Contributions to your IRA may be made in "lump sums" or by regular deposits throughout the year
• Dividends are compounded daily and paid monthly.
• IRA Share Certificates are also available with a minimum deposit of $1,000 and terms for 6 months to 60 months
• For current IRA and IRA Share Certificate rates, check out our rates

Financial Plus Credit Union has two different IRA Plans to fit your needs as well as three different types of IRAs.

IRA Savings Plan

No minimum balance requirement – multiple, variable rate and tiered structure similar to the Credit Union's current "CUPID" money market account. Call for current rates

Deposit can be made into this account by mail, in person, or with convenient payroll deduction. There are no minimum balance requirements and no monthly fees. Receive a variable rate and tiered structure similar to the Credit Union's current "CUPID" money market account. Dividends are compounded daily and paid monthly. This is a great plan for payroll deduction or for members receiving a payout of IRA funds, because this account is accessible at any time. Check our rates.

IRA Share Certificates Investment Option

With a minimum of $1,000, you can invest in a 6 month, 12 month, 18 month, 24 month, 36 month or 60 month certificate. This IRA plan pays a higher dividend rate than the regular IRA Savings Plan. Dividends are compounded daily and are paid quarterly. Check our rates or contact any of our five offices.

Traditional IRA

A Traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made. The Traditional IRA is designed for members that are looking for a tax savings now and who expect a lesser tax burden after they reach the age of 59-1/2. Contact us for more information.

Roth IRA

The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a Traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70-1/2. Contact us for more information.

Education Savings Account

The Education Savings Account is an account that features tax-free withdrawals for a child's higher education expenses. Contributions are nondeductible, therefore unlike the Traditional IRA, qualified distributions from an Education Savings Account are penalty free and tax-free. Please contact us for more information.