IRAs allow you to save for the future, and True Sky Credit Union can help you maximize your retirement. In addition to $250,000 in federal deposit insurance through NCUA, your funds are separately insured by the federal government for up to an additional $250,000 through NCUA.
A traditional is a special tax-deferred savings plan authorized by the federal government to encourage you to accumulate money for retirement. The Traditional IRA is a personal savings plan that accounts for earnings to be tax-deferred until distributed.
Make annual non-deductible contributions. Unlike a traditional IRA, in which earnings are tax-deferred, Roth earnings can be tax-free. A Roth is nondeductible, but the interest earned is tax-free if distributed for a qualifying reason. A Roth must be designated as a Roth IRA at the time it is established.
Certificate of Deposit
RATE (% APY) 1.56%
FIVE YEAR TERM
Coverdell Education Savings Account (ESA)
A Coverdell ESA (Educational Savings Account) can help save 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.
The responsible individual shall be a parent or legal guardian of the ESA owner. 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.
IRA Share Savings Account
Make contributions as often as you like, up to the legal limit. Build your IRA quickly and automatically with payroll deductions.