Individual Retirement Accounts (IRAs)
Take the next steps to make your retirement simple and secure.
Especially in today’s market, we know retirement takes planning. That’s why South Carolina Federal Credit Union is ready to help simplify your retirement savings with a secured IRA.
- Federally insured up to $250,000
- Free rollover for your existing IRA or qualified retirement plans
- No maintenance fees
- Start your IRA with a minimum $25 contribution or direct rollover
- Dividends are compounded and paid quarterly (minimum $25 balance required to earn dividends)
- IRA Share Certificates are also available, with a minimum deposit of $500 and terms from 3 to 60 months
- For current IRA Club and IRA Share Certificate rates, check out our Rate Board
IRA Quick Comparison Chart
Traditional IRA
A Traditional IRA is an account that lets you defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made; check with your tax advisor. Penalty-free early withdrawals are possible for certain education expenses, first-time home purchases up to $10,000, and medical expenses.
Retiring or changing jobs? Open a Traditional IRA with a zero balance, and we can handle the direct rollover request from your current employer.
Roth IRA
The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year (time varies for Traditional IRAs converted to Roth IRAs) holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a Traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70½.
Coverdell Education Savings Account
The Coverdell Education Savings Account is an account that features tax-free withdrawals for a child's qualified education expenses. Contributions are nondeductible, therefore, unlike the Traditional IRA, qualified distributions from a Coverdell Education Savings Account are penalty-free and tax-free. Please note that it is a non-retirement account.
IRA Share Certificates
Earn higher dividends with an IRA Share Certificate. IRA Share Certificates are available with a minimum deposit of $500. Higher yields are available for larger deposits and longer terms.
*IRA Share Certificates are subject to South Carolina Federal penalties upon early withdrawal. See Rate and Fee Schedule for details. Please consult a tax advisor for eligibility and deductibility with regard to your personal situation.
Retirement funds are insured up to $250,000 and are insured separately from non-retirement funds.
