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Central Advantage Premium IRA Certificates

For members who are 18 years of age or older and maintain a direct deposit of at least $1000 per month into a Central Advantage Checking account, the Central Advantage Premium Certificate provides a higher return than our regular certificates.

Current Premium Rates


Certificate Term Dividend Rate APY^

6 Month 1.834% 1.85%

1 Year 2.129% 2.15%

18 Month 2.521% 2.55%

2 Year 2.570% 2.60%

30 Month 2.813% 2.85%

3 Year 2.960% 3.00%

5 Year 3.057% 3.10%

Features

  • Premium interest rate, often well above the national CD average
  • Choice of terms (6-month, 1-year, 18-month, 2-year, 30-month, 3-year and 5-year)
  • Dividends compound monthly
  • Choose to have dividends transferred monthly to any of your accounts or paid to you by check
  • Federally insured by the NCUA

Requirements

  • Minimum deposit of $5 in Owner Voting Share account
  • Minimum balance of $10,000
  • Enrolled in Central Advantage Checking
  • Meet the Central Advantage Checking eligibility requirements
  • Subject to early withdrawal penalties*
  • Choose from Traditional and Roth IRAs, see eligibility guidelines below


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IRA Certificate Products

Current Certificate Rates


Certificate Term Dividend Rate APY^

6 Month 1.588% 1.60%

1 Year 1.884% 1.90%

18 Month 2.276% 2.30%

2 Year 2.325% 2.35%

30 Month 2.570% 2.60%

3 Year 2.716% 2.75%

5 Year 2.813% 2.85%

Features

  • Choice of terms (6-month, 1-year, 18-month, 2-year, 30-month, 3-year and 5-year)
  • Dividends compound monthly
  • Choose to have dividends transferred monthly to any of your accounts or paid to you by check
  • Federally insured by the NCUA

Requirements

  • Minimum deposit of $5 in Owner Voting Share account
  • Minimum balance of $1,000
  • Subject to early withdrawal penalties*.
  • Choose from Traditional and Roth IRAs, see eligibility guidelines below

IRA Plans

Coverdell Education Savings Account

Mother and Baby

A Coverdell Education Savings Account is a trust account designed to save for your child's education expenses. Earnings accumulate on a tax-deferred basis and can be withdrawn tax-free if used to pay for qualified education expenses.

Features

  • Earnings accumulate on a tax-deferred basis
  • Withdrawals are tax-free if used for qualified education expenses
  • Available for use at public, private, or religious elementary or secondary schools
  • Available for use at an eligible higher education institution
  • Contributions are not tax deductible

Requirements

  • Minimum deposit of $5 in Owner Voting Share account
  • Minimum balance of $1,000
  • Child under 18 at time of account opening
  • Contributions:
    • Cannot be made after the beneficiary reaches age 18 (unless the beneficiary is a "special needs" beneficiary)
    • Cannot exceed $2,000 per year per beneficiary
    • See IRS.gov for additional rules and requirements


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^APY = Annual Percentage Yield

* National rate comparison from Bestcashcow.com as of 1/24/2018.

* Certificate Share Disclosure:
All certificate rates are fixed for the length of the term. A penalty may be imposed for withdrawals before maturity. If your account has an original maturity of one year or less, the penalty will equal three months dividends on the amount withdrawn subject to penalty. If your account has an original maturity of more than one year the penalty will equal six months dividends on the amount withdrawn subject to penalty. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. If the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal. In certain circumstances such as the death or incompetence of an owner of this account, the law permits or may require the waiver of the early withdrawal penalty. Other exceptions may also apply; for example, if the certificate is part of an IRA or other tax-deferred savings plan.

IMPORTANT: Failure to maintain the requirements of the Central Advantage Checking or Central Advantage Premium Certificate accounts may result in placement in a Share Draft Checking or Regular Certificate account.

** IRA Disclosure:
Distributions may be taken after age 59 ½ without an IRS penalty and are mandatory after age 70 ½. There are special circumstances in which you withdraw funds without an IRS penalty. There may be a credit union penalty if the withdrawal breaks the term of the certificate.

Unlike many employer-sponsored retirement plans in which access to assets might be limited until the participant has a change of employment or reaches retirement age, access to IRA assets is guaranteed, always. Most Traditional IRA distributions taken before the IRA owner reaches age 59 ½ are subject to a 10 percent early distribution penalty tax. This is to discourage people from taking Traditional IRA distributions at an early age rather than keeping the assets for retirement. The 10 percent early distribution penalty tax does not apply in the following situations:

  • Age 59½
  • Death
  • Disability
  • Certain medical expenses
  • Health insurance premiums following unemployment
  • First home buyer expenses
  • Higher education expenses
  • IRS levy
  • Series of substantially equal periodic payments
  • Qualified reservists distributions

IRS Publication 590, Individual Retirement Arrangements (IRAs), provides more detail on these penalty tax exceptions.

Traditional IRA funds become reportable income after distribution; please consult your tax professional. Savings and Certificates