IRA & ESA Accounts

An Individual Retirement Account (IRA) is an excellent tool for retirement savings. Unlike most investments, depending on the type of IRA you choose, contributions may be tax deductible and will grow either tax-deferred or tax-free.

Your tax adviser can offer more guidance on which type of IRA may be best for your needs. Of course, we are always here to answer your questions and assist you with opening an IRA. Please stop by or call us today for more information on the benefits of a credit union IRA.

• Traditional IRA
  Contributions are fully tax deductible if you don't actively participate in an employer retirement plan. Otherwise phase-out rules apply. Investments grow on tax-deferred basis. Earnings are taxed only upon withdrawal. Traditional IRAs are more attractive than ever because expanded income limits mean more people will be able to make tax-deductible contributions. In addition, penalty-free withdrawals are allowed for qualified medical and higher education expenses and for a first-time home purchase.*
• Roth IRA
  As long as you have earned income, you can establish and contribute to a Roth IRA even after age of 70½. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free, and you are not required to begin mandatory distributions after reaching age 70½. By converting your traditional IRA to a Roth IRA, you can enjoy tax-free withdrawals. However, the amount you convert is subject to income tax now.*
• Coverdell Education Savings Account (ESA)
  ESA's allow you to put away up to $2,000 per year per beneficiary for higher education expenses, earning interest tax-free. While there is no tax deduction for the amounts contributed to an ESA, earnings grow tax-free. Your ESA can be used to pay qualified elementary, secondary school and higher education expenses. For more in-depth information go to the IRS Publication 970.
• Rollover Contributions
  Make sure your retirement plan doesn't get burned when you change jobs or retire. Just rollover you retirement savings into an IRA with United Poles FCU. You can have the funds directly sent to our Credit Union from your employer's plan administrator. If you'd like a cash payout instead, remember that the distribution is subject to penalty- up to 20% federal withholding (ask you tax advisor for details).

*Individuals who have reached the age of 50 at the end of the year are allowed to make additional catch-up contributions to their traditional or Roth IRA.

Retirement Savings Calculators

Create Retirement Central (access and manage your IRA account)

Money Market Accounts

If you're looking for competitive yields with no long-term commitment, Money Market Account is for you. Our Money Market Account is a high yielding, premium savings vehicle that offers competitive dividends without locking you into a fixed rate or fixed term.

• Only $2,500 minimum required*
• Four different balance levels at which to earn monthly competitive dividends
• Online Account Access
• No early withdrawal penalty
• Up to 6 FREE withdrawals a month** with no minimum amount
• UNLIMITED deposits into the account
• Strength and Security

Money Market accounts are federally insured by the National Credit Union Administration (NCUA), a federal government agency. Savings accounts maintained in different rights, capacities or forms of ownership may each be separately insured up to $250,000.

To open a Money Market Account, you can call or visit any one of our branches to speak with a representative.

View current rates on Money Market Accounts.

 * For balances under $2,500 rate reverts to regular share rate.
** Certain restrictions apply. A $5 fee will be charged for each withdrawal made over the monthly limit.

Certificates

These fixed-rate, high-yield investment accounts are available with a variety of terms ranging from 6 months to 5 years. With an automatic reinvestment option, certificates may be just the perfect investment vehicle for you. The minimum investment amount is $5,000. We also offer certificates in IRA accounts.

If you need some flexibility with your certificates we are offering two certificate products:

Certificate PLU$ - For terms 3-5 years where you have the option to change the rate once during the term of the certificate without any penalties or extending the final maturity, if the rates go up during the term of the certificate.

Platinum Certificate - With no minimum deposit, for 9 or 12-month term with no early-withdrawal penalties.

Check today’s Certificate Rates

Holiday & Vacation Club Accounts

Save for the holiday season or for the vacation you have always dreamed of with our higher dividend-earning Holiday and Vacation Club accounts.

• The Holiday Club account provides you with the ability to start saving early for the holiday season and helps you enjoy stress-free holiday shopping as you can plan for the right gifts ahead of time. The terms begin on October 15th and mature on September 30th of the following year. There’s no penalty on withdrawals November 1 thru December 31. As an added benefit, the Credit Union will cover the fee for up to 2 gift cards bought from the Credit Union and paid from the club account.

• The Vacation Club account gives you a head start on planning and saving for your next vacation. Funds are available twice a year (no penalty on withdrawals in March and September), so it’s perfect even for semi-annual payments like insurance policy or college tuition. Vacation Club account terms begin on April 15th and mature on March 31st of the following year.

• Choose the weekly deposit amount that is right for you from $10.00 to $150.00 in $10.00 increments, and let us do the rest! With our Automatic Funds Transfer service, we will transfer the weekly deposit amount you designate automatically from your Share Draft/Checking account to the Club account. You will save time from having to visit one of our branches.

• Holiday and Vacation Club accounts will be automatically renewed or funds transferred to the UPFCU account of your choice at maturity.

• You don’t have to worry about missing a weekly deposit as you can make catch up contributions at one of our branch locations.

Requirements and Restrictions

• To open our Holiday /Vacation Club account you must have an established account.
• A minimum weekly deposit amount of $10.00 is required, and a maximum of $150.00 for 50 weeks, up to the maximum amount of $7,500.00.
• You may catch up on payments, but you cannot pay ahead.
• Early withdrawal penalty of $5.00 (per transaction) will apply (except during the months of November and December for Holiday Club Accounts & during March and September for Vacation Club Accounts).