Share certificates are a good way to save and earn money over time. Army Aviation Center Federal Credit Union (AACFCU) offers both share certificate accounts and certificate Individual Retirement Accounts (IRAs). Certificates are available for 3, 6, 9, 12, 18, 24 or 36 months. The minimum deposit amount is $1,000, however, a 12 month certificate can be purchased for $500. At the certificate's maturity, it can be cashed or automatically renewed based on your choice. Early withdrawal penalties do apply. A 9 month certificate allows for a one time penalty-free withdrawal (not available on IRAs).
AACFCU also offers both Roth and Traditional IRAs. Roth IRAs are after-tax investments with no deductible contributions. Account earnings are tax-free for qualified distributions and may be used for retirement. Contributions must be made by April 15 (or the next business day if April 15 falls on a weekend or holiday) for the previous tax year. The maximum contribution amount depends on the member’s age and modified adjusted gross income.
Traditional IRAs are available to any individual under age 70 with earned income. Additionally, parents may open an IRA account on their child’s behalf and manage the IRA.
Visit Retirement Central for more information. Please contact AACFCU for details on jumbo certificate rates which are available for amounts of $100,000 or more.