IRA earnings are sheltered from taxes—allowing your money to grow faster than funds in an ordinary savings account. At Liberty FCU, our IRAs feature great rates and no set-up or annual fees.
IRA Rates
Rates accurate as of April 19, 2024| Terms | Dividend Rate | APY^ | Minimum Balance # |
|---|---|---|---|
| 4 Month Fixed | 1.39% | 1.40% | $1,000 |
| 8 Month Fixed | 1.49% | 1.50% | $1,000 |
| 9 Month Fixed | 1.49% | 1.50% | $1,000 |
| 10 Month Fixed | 1.59% | 1.60% | $1,000 |
| 1 Year Fixed | 4.84% | 4.95% | $1,000 |
| 14 Month Fixed | 1.59% | 1.60% | $1,000 |
| 17 Month Fixed | 1.69% | 1.70% | $1,000 |
| 18 Month Fixed | 1.69% | 1.70% | $1,000 |
| 2 Year Fixed | 3.01% | 3.05% | $1,000 |
| 30 Month Fixed | 3.01% | 3.05% | $1,000 |
| 3 Year Fixed | 3.01% | 3.05% | $1,000 |
| 4 Year Fixed | 3.01% | 3.05% | $1,000 |
| 5 Year Fixed | 3.01% | 3.05% | $1,000 |
| 6 Year Fixed | 3.01% | 3.05% | $1,000 |
Liberty FCU offers three types of IRAs:
An individual retirement account (IRA) that allows individuals to pretax income, up to specific annual limits, toward investments that can grow tax-deferred. Individual taxpayers are allowed to contribute 100% of compensation up to a maximum dollar amount to their Traditional IRA. Contributions to the Traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors.
An individual retirement plan that bears many similarities to the Traditional IRA, but contributions are not tax deductible and qualified distributions are tax free. Similar to other retirement plan accounts, non-qualified distributions from a Roth IRA may be subject to a penalty upon withdrawal.
Formerly called an education IRA, the Coverdell Education Savings Account is a tax-deferred account created by the U.S. Government to assist families in funding educational expenses for beneficiaries under the age of 18.
IRA Contribution Limits
Qualifying IRA owners may contribute up to $7,000 to a Traditional or Roth IRA for tax year 2024, and IRA owners age 50 or older can contribute an additional $1,000. (2023 contributions limits were $6,500 for both Traditional and Roth IRAs. The catch-up contribution for those age 50 or older can contribute an additional $1,000. Contributions for 2023 may be made through April, 15, 2024 tax deadline.) The contribution limit on Coverdell Education Savings Accounts remain at $2,000 for tax year 2024.
Contact any Liberty FCU office for more information. Additional investment options are available through Liberty Wealth Services at Liberty FCU. Visit any Liberty FCU location to open or contribute to your IRA today!
^Annual Percentage Yield
#Minimum balance to purchase certificate
Certificate rates are subject to change without notice. You will be paid this rate until first maturity. These are fixed rate certificates. There is a substantial penalty for failure to comply with certificate, IRA, and HSA requirements.
There is a penalty for failure to comply with certificate requirements. Rates are subject to change weekly. You will be paid this rate until first maturity. These are fixed rate certificates.