Individual Retirement Accounts (IRAs)
Saving Beyond the Basics.
Individual Retirement Accounts (IRAs)
Freedom has options to help you save for college or retirement, or to just earn more on your savings. Not familiar with all the options out there? Stop by and talk with one of our financial service specialists. They know what’s up and they’ll help you make sense of it all.
Choosing an IRA
The benefit of having an IRA is that you may receive tax advantages while you save! Which IRA is right for you depends on your age, your income, and when you want to withdraw the IRA funds. Each type of IRA has benefits. IRS tax penalties may also be applied. See our rates sheet, and consult a qualified tax adviser before you proceed.
Funding an IRA
You can fund your IRA account from your Regular Share Savings account, Money Market, or Share Certificate account. You may also choose to do a roll-over of any qualified pension fund, thrift plan, or retirement benefit and arrange to deposit the funds in a Freedom IRA. Consult a qualified tax advisor before you proceed.
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Access to Funds
Access to Funds
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Minimum Balance to Earn Dividend
Minimum Balance to Earn Dividend
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Term
Term
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Benefits
Benefits
Regular Share Savings
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Access to Funds
Immediate access to funds
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Minimum Balance to Earn Dividend
$100 daily minimum balance
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Term
No term required
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Benefits
May have tax benefits
Earnings may be tax deferred
Money Market IRA1
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Access to Funds
Immediate access to funds
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Minimum Balance to Earn Dividend
$2,500
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Term
No term required
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Benefits
May have tax benefits
Earnings may be tax deferred
Share/Jumbo Certificate IRAs2,3
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Access to Funds
Funds may be accessed when the term share expires
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Minimum Balance to Earn Dividend
$300 for Share Certificates
$50,000 for Jumbo Certificates
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Term
6 to 60 month options
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Benefits
May have tax benefits
Earnings may be tax deferred
Disclosures
1 A $10 monthly service fee applies when the balance in a Money Market drops below $2,500.
2 Jumbo Share/IRA Certificates offer a larger return for savings of $50,000 or more for terms of 6 to 60 months.
3 A penalty will be imposed for early withdrawal that could reduce earnings. IRS tax penalties may also be applied.
Safeguarding your hard-earned money is critical. That’s why Freedom Federal Credit Union has federal share insurance, administered by an independent Federal Government agency, the National Credit Union Administration (NCUA). The National Credit Union Share Insurance Fund (NCUSIF) protects aggregate savings up to at least $250,000 in your regular Share Savings, Certificates, Checking, and Coverdell ESA accounts. Individual Retirement Accounts (IRAs) are insured separately up to $250,000.