Individual Retirement Accounts (IRAs)
Choose from Traditional, Roth, or Coverdell Educational Savings Account (ESA) Certificates with a variety of features to meet your needs:
- Terms of 12, 24, 36, 48 and 60 months
- Minimum opening deposit of $1,000
- Fixed-term account
- Dividend rates based on term
- Dividends compounded and paid monthly
- Additional deposits allowed
Traditional IRA: Eligible contributions may be tax-deductible. Earnings grow tax-deferred, so you will not pay income taxes on any earnings until withdrawals are made. Both deductible contributions and earnings are taxed at your regular income tax rate when money is withdrawn. Consult with your tax advisor for more information.
Roth IRA: Contributions are never tax-deductible, so they are always tax-free upon distribution. Earnings are tax-deferred, so you will not pay income taxes on earnings until you make withdrawals. And, if you take a “qualified distribution” your earnings are tax-free as well.
Coverdell ESA Certificates: is an education savings vehicle for children, with a $2,000 contribution limit per year. ESA contributions are not tax-deductible, but if assets are used for qualified education expenses the earnings can be tax-free. ESA accounts can be used for elementary, secondary, or higher education expenses.
IRA Certificate Rates
Rates Effective As Of 03/06/2019. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE.
|Account Name||Minimum to Open/Earn APY||Dividend Rate||Annual
|12 Months Traditional/ Roth/Coverdell/ IRA Certificate||$ 1,000.00||0.35%||0.35%|
|24 Months Traditional/ Roth/Coverdell/ IRA Certificate||$ 1,000.00||0.55%||0.55%|
|36 Months Traditional/ Roth/Coverdell/ IRA Certificate||$ 1,000.00||2.35%||2.38%(†)|
|48 Months Traditional/ Roth/Coverdell/ IRA Certificate||$ 1,000.00||0.85%||0.85%|
|60 Months Traditional/ Roth/Coverdell/ IRA Certificate||$ 1,000.00||1.24%||1.25%|
Early withdrawal penalties may apply.(†)To qualify for the above APY deposit must be new funds (meaning funds from an external account or funds not on deposit with KSFCU) or have an active checking account (must complete 10 or more check card (ATM withdrawals are not included) purchases and/or ACH transactions (includes KSFCU bill payments) or have direct deposit into the checking account). Otherwise, the APY currently offered is .75%.