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Share Certificates are designed to allow you to save money for a designated amount of time to earn higher interest rates than regular share accounts. With a minimum deposit of $1000, Share Certificates are available for 90 days to 60 months. For a list of all the annual percentage yields and terms, click here.
Dividends on all certificates are compounded and paid on a monthly basis and may also be used as collateral on all loans at the credit union. All Share Certificates are insured by the NCUA up to $100,000.
IRAs - Individual Retirement Accounts, or IRAs, allow you to set aside tax deferred monies now for retirement planning later. GKCU offers a variety of IRA's for long-term planning including: Traditional, Roth, Educational and Share. Penalties are assessed for early withdrawal on IRAs. All IRAs are insured separately by the NCUA up to $100,000. For a list of annual percentage yields, click here.
Share Certificate IRAs require a minimum deposit of $500 and dividends are paid quarterly. Deposits may be made at any time through payroll deduction, by mail, or in person, provided they do not exceed the federal requirements for maximum yearly contributions.
Traditional IRAs are for 12 months and dividends are paid monthly. These accounts are insured up to $100,000 by the NCUA.
Educational IRAs offer parents, and other relatives, a chance to save money specifically for higher education expenses. Deposits can be made into an Educational IRA but not to exceed $2000 in one year. An Education IRA can be used to pay for tuition fees, books, supplies, and equipment at any eligible higher education institution.
Roth IRAs allow you to save money from your paycheck after taxes have been deducted. Contributions may be added up to $2000 a year and grow tax-deferred until retirement with no set age limit on the maturity date.
*Policy based on account balance and age at time of death.
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