Start Saving For Tomorrow With An IRA
Expand your nest egg with the safety of a federally insured Individual Retirement Account (IRA) from Michigan Educational Credit Union. It's a great alternative to riskier investments. You'll earn competitive dividends, and your IRA is insured separately from your other MECU savings accounts, up to $250,000. MECU offers Traditional and Roth IRAs, as well as the Coverdell Education Savings Account. In addition to standard IRAs, we also offer IRA Certificates with terms from 3 to 60 months.
Contact any MECU office to discuss which IRA option is right for you.
|Effective Date: 04/01/2017|
|Individual Retirement Account (IRA)||0.30%|
|Deferred Compensation Account||0.30%|
|A $50 minimum deposit is required to open an IRA share account. There are no fees or service charges levied against IRA share accounts. The Annual Percentage Yields above are subject to change at any time.|
|IRA Share Certificates|
|Effective Date: 04/24/2017|
|IRA Share Certificate Annual Percentage Yields are subject to change at any time. The minimum required amount for an IRA Share Certificate is $2,000 with additional increments of $500. IRA Share Certificate dividends are compounded quarterly. A penalty will be imposed for early withdrawal. The APY assumes dividends remain on deposit until maturity. A withdrawal will reduce your earnings.|
|Payments from your IRA are subject to federal income tax withholding, unless you elect no withholding.
You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, complete the appropriate form, which we can provide to you.
Withholding from IRA payments, when combined with other withholding, MAY relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay.
You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.
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