Share Certificates:
Our goal is to provide you with options that enhance the value of your money. By opening a Share Certificate, you can turn that goal into a reality! Maximize your earnings with an APY tailored to your needs. With a range of terms available, you can find the option that best aligns with your financial objectives, and we’re here to support you every step of the way.
IRA Certificates:
It’s never too early to begin saving for retirement. With the wide range of options FPCU offers, we make it easy to get started now.
Traditional IRA
Traditional IRAs were created to provide retirement income to individuals and can be a valuable tool in saving for retirement. Contributions to a Traditional IRA may be tax deductible in some instances, but it is best to consult with a tax professional regarding the tax benefits of an IRA.
Roth IRA
A Roth IRA provides flexibility for members who would like to start saving for retirement but may want the option of withdrawing the funds for a qualified distribution. While the Roth IRA itself is not tax deductible, a qualified distribution would not be subject to federal income tax or subject to the IRS early distribution penalty.
A withdrawal would be considered a “qualified distribution” from a Roth IRA if it occurs after the fifth year of your first Roth IRA contribution or the first taxable year in which it was converted from a traditional IRA, and if the person withdrawing the funds meets at least one of the following criteria:
- is over the age of 59 1/2
- is disabled
- is using it for a qualifying first-time home purchase
- is the beneficiary after a death
Keep the following in mind when considering a Traditional, Roth or ESA IRA:
- Each working individual (under age 50) can contribute up to $7,000 per year to a Traditional or Roth IRA or up to $8,000, if over the age of 50.
- Withdrawals from an IRA can begin at age 59½ and become mandatory at age 73.
- Early withdrawal penalties may apply to a Traditional or Roth.
- Income tax laws and regulations can and do change regularly. The information here is to provide a general understanding of the products available to you. A tax professional should be consulted to ensure the best course of action before opening an IRA.
Share Certificates are a great way to meet your savings goals.
Share Certificate rates and terms
Call us at 617-482-4787 or email us at memberservice@firstprioritycu.com to learn more about our Current Certificate Special.