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Overview
IRA from UHFCU
Planning for the future doesn’t have to be hard. Your decision to start saving is the key to financial independence in the future. Don’t wait until tomorrow to start thinking about retirement. The time to start saving is now. Your future self will thank you.
Build your nest egg for the future
- No minimum balance
- No monthly fees
- Contributions may be made in “lump sums” or by regular deposits to your IRA Savings account throughout the year
- Dividends are paid monthly
- IRA Certificates with a selection of terms are available with a minimum deposit of $500
Traditional IRA
A Traditional IRA is an account used to save for retirement that gives you tax advantages. Tax payments are deferred until the money is withdrawn, and, your contributions may also be tax deductible.*
- Maximum Contribution: $5,500.00 (plus $1,000.00 if you are 50 years or older)
- Contributions may be tax deductible
- Earnings grow tax-deferred
Roth IRA
The Roth IRA is a retirement account where contributions are taxed in the year they are earned, and are therefore nondeductible. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70 1/2 and you may start making withdrawals tax-free after an initial 5-year holding period.* 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.
- Maximum Contribution: $5,500.00 (plus $1,000.00 if you are 50 years or older)
- Contributions are not tax-deductible
- Tax-free withdrawals after initial 5-year holding period
- Earnings grow tax deferred
Coverdell Educational Savings Account
The Coverdell Educational Savings Account is an account that features tax-free withdrawals for a child’s education expenses. Contributions are nondeductible, therefore, unlike the Traditional IRA, contributions from Coverdell Savings Account are withdrawn penalty free and tax-free.
- Maximum Contribution: $2,000.00
- Save for educational expenses such as tuition, fees, books, supplies, etc.
- Contributions are not tax-deductible
- Tax-free, penalty free withdrawals
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- UHFCU Member -
Rates
IRA Savings Rate
Min. Balance to Earn Dividends APY IRA Savings
$0 0.50% Contact Us APY = Annual Percentage Yield. Dividends are credited and compounded monthly. This schedule is incorporated as a part of your account agreement with the UHFCU. Minimum balance requirements apply to daily balance. Rates are subject to change at any time as determined by the Board of Directors. Rates are accurate and effective as of 1/1/2017 and are subject to change without prior notice. Fees or other conditions could reduce the earnings on the account. If you have any questions or need current rate information, please call (808) 983-5500 or contact us through our Contact Us page.
IRA Certificate Rates
IRA Certificates Min. Balance to Earn Stated APY APY* 12 to 23 months (IRA)
$500.00 0.50% Contact Us 24 to 35 months (IRA)
$500.00 0.75% Contact Us 36 to 47 months (IRA)
$500.00 1.00% Contact Us 48 to 59 months (IRA)
$500.00 1.25% Contact Us 60 months (IRA)
$500.00 1.78% Contact Us * APY = Annual Percentage Yield. Certificate rates remain fixed for the term of the Certificate. Unless otherwise paid, dividends for all Certificates will be credited to your account and compounded monthly. Fees or other conditions could reduce the earnings on the account. A penalty may be imposed for withdrawals before maturity. Rates are accurate and effective as of 1/1/2017 and are subject to change without prior notice. If you have any questions or need current rate information, please contact us.
** Available for new money only. Dividends compounded and credited monthly. A penalty may be imposed for early withdrawals. The interest rate and APY are subject to change. Other terms and conditions apply. Fees could reduce earnings on account. -
FAQ
FAQs
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What are the annual contribution limits?
Traditional IRA: $5,500.00 (plus $1,000.00 if you are 50 years or older)
Roth IRA: $5,500.00 (plus $1,000.00 if you are 50 years or older)
Coverdell: $2,000.00
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Can I still contribute to a Traditional or Roth IRA if I participate in another retirement plan?
Yes. Your participation in an employer-sponsored retirement plan will not affect your ability to contribute to a Traditional or ROTH IRA (assuming age and compensation requirements are met).
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How long can I contribute to a child's Coverdell Education Savings Account?
You can make contributions to a child’s ESA until he/she reach age 18* (Age limits do not apply to special needs individuals).
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What are the annual contribution limits?
Contribute to your IRA today
*Consult your tax advisor to determine your best options and applicability of tax benefits for your personal situation.
