Share Certificates combine the safety of insured funds with a greater earning potential than a regular Share Savings Account. You’ll earn a higher rate of return than regular savings accounts because you are agreeing to keep the funds on deposit in the account for a designated period of time. Money withdrawn before the maturity date may be subject to penalty. PFFCU offers terms as short as 6 months and as long as 5 years. Generally, longer terms will earn higher rates.
Individual Retirement Accounts (IRAs)
Social Security may give you just enough income to get by when you’re older, but will you be able to pay for the special events and times that make retirement so special? An Individual Retirement Account (IRA) provides a realistic way to help save for retirement dreams, and it may offer tax advantages, depending on which you choose:
- Contributions are often tax-deductible
- Earnings grow tax-deferred
- After age 59.5, you can withdraw funds without any IRS premature penalty
- Distributions are taxable
- Contributions are not deductible
- Earnings grow tax-free (if certain conditions are met)
- Generally, after age 59.5, distributions can be made tax-free and penalty-free
At Priority First, IRA funds can be deposited into a share savings account or a Share Certificate Account.
Ask your tax preparer or accountant which IRA program is right for you!