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An IRA is a great savings tool because of the special federal tax laws governing the taxation of amounts earned within an IRA. Over time, these special tax features can result in significantly larger IRA savings accumulations than can be accomplished in ordinary savings.

Term	APY*	Minimum Balance
IRA Savings Account	0.25%	$100
6 months Share Certificate	0.75%	$1,000
12 months Share Certificate	1.00%	$1,000
24 months Share Certificate	1.50%	$1,000
36 months Share Certificate	2.00%	$1,000

 

Traditional IRAs
A traditional IRA may provide you significant immediate tax savings, and due to the deferral of all taxes on earnings, the power of compound earnings is strengthened. Grow dollars for tomorrow, save on taxes today!

With a traditional IRA:

• Earnings accumulate tax-deferred
• Contributions are tax-deductible if you qualify
• The amount you can contribute each year is increasing

 

Roth IRAs
Roth IRAs offer unique and exciting savings opportunities, and they have gotten better over the years. Roth IRAs give many members an easy and safe way to plan for the future. The flexibility you need, the benefits you want!

With a Roth IRA:

• Contributions are allowed at any age
• Qualified distributions are tax-free
• Flexible withdrawal options are available

 

Coverdell Education Savings Accounts
Seeing a child work toward a college degree is a parent's dream. But with rapidly escalating costs of higher education, this dream can become a financial nightmare. A Coverdell Education Savings Accounts (ESA) can help you sleep at night. Give your child the gift of education.

The main benefits of a Coverdell ESA include:

• Unlike New Jersey's 529 plans, Coverdell ESAs can be used to pay for qualified elementary and secondary education expenses.
  
• Earning grow on a tax-free if the money is used to pay qualified education expenses.

 

IRAs Rollovers
Simplify your nest egg. If you have changed jobs or recently retired, you may be wondering what to do with your qualified retirement plan from a previous employer. It may make sense for you to consolidate your retirement savings into a single traditional IRA. Compare all your options by consulting with a financial service professional and/or tax advisor before making any decisions.

An IRA roller may allow you to:

• Preserve the tax-deferred status of your retirement savings
• Increase your investment options
• Move your money out of your former employer's retirement plan without tax or penalties
• Reduce the cost of administration
• Take control over your retirement plan

 

For more information on any of our IRA products, please contact a Credit Union Representative at 732.727.3500 or stop by any of our conveniently located offices.

*APY=Annual Percentage Yield. Rates are accurate and effective as of September 1, 2010. Rates subject to change without notification. Minimum balance to open and earn dividends on share certificate of deposit is $1,000. A penalty may or will be charged for early withdrawal for the share certificate of deposit.