U$X Federal Credit Union offers Traditional, Roth and Coverdell Educational IRA certificates for your investing needs. All IRA’s feature very competitive rates and the service you have come to expect from your credit union.

The following is a brief description of each IRA investment product offered by U$X Federal Credit Union.

IRA Savings Account

These accounts are a great vehicle for accumulating funds in your IRA.

  • Available for Traditional and Roth IRAs as well as Coverdell Educational IRAs.
  • No minimum deposit to get started.
  • Contributions can be made through direct deposit or payroll deduction.
  • Withdrawals are not complicated by any account term limitations.
  • All Annual Percentage Yields (APY) are based on monthly compounding and crediting of dividends.

See description below for relevant limitations based on type of IRA program.

NOTE: Effective with tax year 2006 federal income tax refunds, IRA owners may instruct the IRS to deposit their income tax refund into Traditional OR Roth IRA accounts. Regular limits will apply.

Traditional IRA Certificate

  • Minimum deposit of $500 (*).
  • Invest in a 12, 24, 36, 48 or 60 month term share certificate.
  • Qualifications: Participant must have earned income and not have reached age 70 1/2 by the end of the year.
  • Maximum Contributions: Individual/Spousal IRA contribution maximum in 2014 and after $5,500** .
  • “Catch Up” Contribution: For people 50 years old and older is $1,000 in 2014. ($6500.00 Total)
  • Tax Status of Earnings: All money deposited and earnings are compounded without tax until withdrawn.
  • Contribution Restrictions: Apply if you are an active participant in your employer retirement plan. Contribution phase out in 2014 between $60,000 - $70,000 for Singles, $96,000 - $116,000 for Married Couples filing jointly, and $0 - $10,000 for Married filing separately.
  • Tax Deduction: Contributions up to the limit are fully tax deductible if you are not an active participant in a retirement plan.
  • Penalties for Early Withdrawal: 10% IRS Penalty for early withdrawal may apply. Exceptions are as follows: Over 59 1/2, death or disability, qualified medical expenses, certain health insurance, qualified college expenses, first time home purchase (up to $10,000), due IRS levy and periodic payments
  • U$X FCU early withdrawal penalty may also apply.
  • Required Distributions: Must begin by April of the following year the participant turns 70 1/2.
  • Contributions after age 70 1/2 are not allowed.

Roth IRA Certificate

  • Minimum deposit of $500 (*).
  • Invest in a 12, 24, 36, 48 or 60 month term.
  • Beginning in 2008, IRA owners are permitted to move funds directly to their Roth IRA account from a Qualified Retirement Account.
  • Qualifications: Participant must have earned income. No age restrictions.
  • Maximum Contributions: Individual/Spousal IRA contribution maximum is $5,500**.
  • “Catch Up” Contribution: For people 50 years old and older is $1,000. ($6,500.00 Total)
  • Tax Status of Earnings: May be taxable, must fall within withdrawal guidelines.
  • Contribution Restrictions: Yes. Contributions phase out in 2014 between $114,000 - $129,000 for Singles, $181,000 - $191,000 for Married Couples filing jointly, and $0 - $10,000 for Married filing separately.
  • Tax Deduction: No tax deduction.
  • Penalties for Early Withdrawal: 10% IRS Penalty for early withdrawal may apply. Exceptions are as follows: Over 59 1/2 years of age and IRA must be open for 5 years or longer , death or disability, qualified medical expenses, certain health insurance, qualified college expenses, first time home purchase (up to $10,000), due IRS levy and periodic payments
  • U$X FCU early withdrawal penalty may also apply.
  • Required Distribution: Only after death of participant.
  • Contributions after age 70 1/2 are allowed.

Coverdell Education Savings Account

  • Minimum deposit of $500 (*).
  • Invest in a 12, 24, 36, 48 or 60 month term.
  • Qualifications: The designated beneficiary must be an individual under the age of 18, excluding participants with special needs.
  • Maximum Contributions: In 2014 contributions up to $2,000 per beneficiary.
  • Contribution: Contributions do not count against the limits for IRAs.
  • Tax Status of Earnings: Earnings grow tax-free. Restrictions may apply.
  • Contribution Restrictions: Yes. Contribution


Your savings are federally insured up to $250,000
Federally insured by NCUA
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