Share Certificates
Share Certificates (CDs) offer our highest rate of return on savings. With a Share Certificate you enjoy a fixed interest rate for the term of the certificate and interest is compounded quarterly.
Choose the length of the Share Certificate term - from 6 month to 5 years with a minimum deposit of $1,000.
IRA Savings
An IRA (individual retirement account) is a personal tax-deferred savings and investment plan that allows you to set aside funds without paying income taxes on them until you retire and/or begin withdrawal.
Whether you're close to retirement or early in your career, it's always a good time to add to your retirement nest egg. An IRA from Sun Country Credit Union can play an important part in your retirement savings strategy.
We offer both tradiitonal and Roth IRAs. You can choose the option that is right for you.
With a traditional IRA, you get a tax deduction in the year you make your contribution, along with tax-deferred earnings. You are taxed when you withdraw the money. Penalty-free withdrawals can be made beginning at age 59-1/2. Withdrawals are mandatory beginning at age 70 1/2.
Contributions to a Roth IRA are not tax deductible in the year you make them, but you have the possibility of tax-free withdrawals of both principal and all earnings. Penalty-free withdrawals of earnings begin at age 59 1/2. Mandatory withdrawals are not required with a Roth IRA.
Retirement deposits are insured to $250,000 by the National Credit Union Adminstration (NCUA), so you can rest easy knowing your funds are safe. Dividends are calculated on the average daily balance for the period and paid quarterly. A minimum opening balance of $500 is required.
Contribution Limits: Individuals under age 50 can contribute $4,500 per year; individuals age 50 and older can contribute $5,500 annually. Contributions to your IRA for tax year 2008 must be made by April 15, 2009.
|
