Guaranteed earnings on
Open with just
to earn dividends for retirement!
Features and Benefits
Boost retirement savings
Rates & Fees
|Approximate Repayment Term||Dividend Rate||Annual Percentage Yield**|
|Item||IRS penalty||SEFCU penalty||New York State bank/credit union average penalty***
(as of July 2018)
|Early withdrawal||Additional IRS penalties may apply||Penalty for breaking the Certificate, based on amount withdrawn and the original term length; exceptions are made for withdrawals intended to cover a required minimum distribution||$28.93 – $32.22|
|Early redemption||Additional IRS penalties may apply||Distributions are usually subject to a SEFCU penalty; exceptions are made in the case of the member having died|
*** New York bank/credit union average penalties are accurate as of July 2018, and are published in New York Credit Union Association’s RateWatch.
Qualified Distributions List
|IRA owner will be at least 59 ½ years old in the applicable tax year||None|
|IRA owner becomes disabled or has died||None|
|Funds used for qualified higher education expenses||None|
|Funds are used for a “first-time” home purchase “first-time” home purchase means:
|Funds are used for medical insurance premiums, provided the IRA owner has been receiving unemployment insurance payments for at least 12 weeks||None|
|Funds are used to pay the portion of unreimbursed medical expenses in excess of 7.5% of the owner’s adjusted gross income||None|
|A withdrawal program has been set up as a series of “Substantially Equal Periodic Payments” that are taken over the owner’s life, and are based on the owner’s life expectancy
Once this program is set up, it cannot be changed for five years
|All other withdrawals||Generally, 10% of the withdrawal|
See which account is best for you
IRA Share Certificate
Open a SEFCU IRA Share Certificate today
More to think about...
Fund Your Retirement
Earnings are tax-deferred
Grow your money faster than traditional savings
Need Immediate Access to Your Money?
Earn a dividend
Keep your access to funds
Let’s Plan for Success
We help you reach your financial goals
Customized for your individual situation
* Note: Minimum to open and obtain the APY for all Share Certificates is $500.
** Annual Percentage Yield. APY is accurate as of today – March 21, 2019. Fees may reduce earnings. For Share Certificates, penalties may apply for early withdrawal.