Saving for the future, whether it is for a comfortable retirement or a child’s education, is easier with Individual Retirement Account (IRA) options.
An IRA can be opened with as little as $100.00.
Our Member Service Representatives are available to answer questions and provide information on Traditional IRAs, Roth IRAs, and Coverdell ESAs (or Education Savings Accounts).
Members may contribute to an IRA at any time of the year. Automatic Transfers can be arranged from a credit union Share or Share Draft (checking) account to the IRA, making saving effortless.
Coosa Pines FCU also accepts rollovers, transfers or lump-sum distributions from qualified retirement savings plans (QRPs) or from IRAs currently held by other financial institutions.
Dividends on IRAs are declared and paid quarterly.
Individual Retirement Accounts
separately from other Coosa Pines FCU deposit accounts, federally through the National Credit Union Administration (NCUA) with additional insurance provided by Excess Share Insurance, Inc.
IRA deposits may also be invested in IRA Certificates for a specific amount of time, which may earn higher dividend rates than the regular Individual Retirement Account.
IRA Certificates generally carry the same rates and terms as Share Certificates, including any current Certificate Specials.
There is a penalty for early withdrawal of certificate funds in excess of dividends earned. See a Member Service Representative for details.
are insured separtely from other CPFCU deposit accounts. Individual Retirement Accounts are federally insured by the National Credit Union Administration
up to $250,000. Up to $250,000 in additional insurance coverage on IRA
deposits is provided by ESI (Excess Share Insurance, Inc.)
, a division of American Share Insurance, the nation’s largest provider of private share insurance since 1974.
Therefore, IRAs with Coosa Pines FCU have combined insurance coverage of up to $500,000, which is separate from the insurance covering all other credit union deposit accounts.
IRA Withholding Notice