Individual Retirement Accounts (IRA)
IRA accounts allow you to save for the future and True Sky Federal Credit Union can help you maximize your retirement. In addition to $250,000 in federal deposit insurance through NCUA, your IRA account funds are separately insured by the federal government for up to an additional $250,000 through NCUA.
Coverdell Education Savings Account (ESA)
A Coverdell ESA (Educational Savings Account) is a type of IRA account that is designed to help save for a child’s education expenses versus saving for retirement. The invested funds in a Coverdell ESA can be used for a child’s education expenses such as tuition, fees, books, supplies, equipment, and in some cases, room and board. Any family member or non family member can contribute to a child’s ESA as long as the income falls below the applicable income limits.
Although similar to a 529 Educational Savings Account, there are differences that give a Coverdell ESA an advantage to invest in. A big difference is the responsible individual is the only one who can make withdrawals until age 30 and any balance after that age shall be distributed within 30 days to the beneficiary or transferred to a different family member. The responsible individual shall be a parent or legal guardian of the Coverdell ESA owner.
IRA Share Savings Account
An IRA Share Savings Account is a type of IRA account that allows you to build up your IRA at low risk. IRA Share Savings Accounts are typically only offered by credit unions and are a great way to diversify your retirement funds. You get the tax advantages of a traditional IRA with the security of a CD.
Make contributions as often as you like, up to the legal limit. Build your IRA account quickly and automatically with payroll deductions.
- Dividends accrue daily and are credited monthly
- Statements mailed quarterly
- Start with as little as $25
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Credit union membership will be required.