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.

Retirement Accounts
Effective Date: 05/01/2024
Individual Retirement Account (IRA) 0.25%
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.
*APY = Annual Percentage Yield.

IRA Share Certificates
Effective Date: 05/01/2024
TermAPY*Minimum Amount
91 Days 1.80% $2,000
182 Days 2.60% $2,000
365 Days 4.75% $2,000
18 Months 3.50% $2,000
24 Months 3.15% $2,000
30 Months 3.15% $2,000
36 Months 3.35% $2,000
48 Months 3.55% $2,000
60 Months 3.95% $2,000
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.
3 months and 6 months Share Certificate - all interest accrued penalty.
1 to 2.5 years Share Certificate - 6 months of interest accrued penalty.
3-5 years Share Certificate - 9 months of interest accrued penalty.
The APY assumes dividends remain on deposit until maturity. A withdrawal will reduce your earnings.
*APY = Annual Percentage Yield.

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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