IRAs
An Individual Retirement Account (IRA) is an excellent way to supplement your retirement funds or fund education for children under 18.
TACU offers members Traditional, Roth and Coverdell ESA Share Certificates with terms of 90 days to 5 years at competitive rates, the longer the term, the better the rate.
There are no annual maintenance fees with any of our IRAs.
Traditional IRAs
- The funds you contribute to Traditional IRA and the dividends they earn are not taxed until you start to withdraw from your IRA during retirement.
- All or part of your IRA contributions may be deductible from your federal income tax returns during your earning years. Check with your tax advisor.
ROTH IRAs
- The funds you contribute to a Roth IRA are taxed at the time you deposit them, but all of your dividends earned are completely tax free, when you make your qualified withdrawal.
- Since you paid taxes on your initial deposits and there is no tax on your dividends, when you make your qualified withdrawal you will not owe any taxes.
Coverdell Education Savings Account (ESA)
The funds you contribute to a Coverdell Education Savings Account are taxed at the time you deposit them, but all the dividends earned are completely tax free when they are withdrawn for higher education expenses.
- You can contribute up to $2000 a year per child.
- Contributions can continue to be made until the child is 18 years of age.
| Share Certificates and IRA Certificates | |||
| 90 Day | .25% APY* | .25% Dividend Rate | $100 Minimum |
| 6 Months | 1.90% APY* | 1.90% Dividend Rate | $1,000 Minimum |
| 12 Months | 2.524% APY* | 2.50% Dividend Rate | $100 Minimum |
| 18 Months | 2.625% APY* | 2.60% Dividend Rate | $100 Minimum |
| 24 Months | 2.727% APY* | 2.70% Dividend Rate | $100 Minimum |
| 36 Months | 2.727% APY* | 2.70% Dividend Rate | $100 Minimum |
| 48 Months | 2.269% APY* | 2.25% Dividend Rate | $100 Minimum |
| 60 Months | 2.32% APY* | 2.30% Dividend Rate | $100 Minimum |
HSAs
The best of both worlds is possible with a Health Savings Account (HSA). An HSA not only helps you get a handle on rising health care costs, but provides a tax-advantaged way to save. To contribute to an HSA, you must be covered under an HSA-eligible high deductible health plan (HDHP). An HDHP is HSA-eligible if it satisfies the annual deductible and out-of-pocket expense limits.
To find out more about TACU HSA’s contact us at 608-372-4736 or email newaccounts@tacuonline.com.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you:
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We will also ask to see your driver’s license with current address or a piece of mail with current address.