CERTIFICATES OF DEPOSITS (CD)
These high-yielding, no-risk investments allow members to secure a fixed rate of return for an extended period of time. Minimum balances start at $250.00 with terms ranging from six months to 3 years. Depending on your comfort level or saving style, dividends on certificate accounts can compound quarterly into the certificate balance for a higher yield or the dividends can simply be withdrawn.
| Certificate Rates |
| Effective Date: June 1st, 2008 |
| Term | Rate | APY |
| 6 Month Certificate |
2.50% |
2.52% |
| 1 Year Certificate |
2.65% |
2.68% |
| 2 Year Certificate |
2.75% |
2.78% |
| 3 Year Certificate |
3.00% |
3.03% |
IRA’S
Working to build that retirement nest egg is its own challenge. We can help. U.P. State Credit Union offers several types of IRA plans designed to fit your needs:
- Traditional IRAs — This plan generates deferred earnings, which means you won’t owe any taxes until your money is withdrawn from the IRA.
- Roth IRAs — This popular option provides after-tax savings for a tax-free income provided you hold the Roth IRA for at least five years and don’t take distributions before reaching age 59½.
- Coverdale Education IRAs — (formerly known as Education IRA)
The Coverdale Account allows up to $2,000 a year to be contributed for an individual. Contributions are not tax-deductible, but growth is tax-deferred. Distributions are excluded from income if used for qualifying education expenses.
| IRA Rates |
| Effective Date: July 1st, 2008 |
| Name | Rate | APY |
| IRAs |
2.50% |
2.52% |
