Resources and Rates

Most people don't exactly love researching rates or using a calculator... But, finding the best situation for you is important. Here is everything in one place to help figure that out.

Briefcase

Traditional IRA

Tiered Dividends

Average Monthly Tier Balances Minimum Opening Deposit Minimum Balance to Obtain APY Dividend Rate Annual Percentage Yield*
Traditional IRA $0 –$2,499.99 N/A $1.00 0.30% 0.30%
Traditional IRA $2,500 –$9,999.99 N/A $2,500.00 0.55% 0.55%
Traditional IRA $10,000 –$24,999.99 N/A $10,000.00 0.65% 0.65%
Traditional IRA $25,000 –$49,999.99 N/A $25,000.00 0.70% 0.70%
Traditional IRA $50,000 & over N/A $50,000.00 0.85% 0.85%

Fees

Item SEFCU Fee

IRA Close Plan Fee

$15

IRA Transfer Fee

$15

View complete details

 

 

 

Roth IRA

Tiered Dividends

Average Monthly Tier Balances Minimum Opening Deposit Minimum Balance to Obtain APY Dividend Rate Annual Percentage Yield*
Roth IRA $0 –$2,499.99 N/A $1.00 0.30% 0.30%
Roth IRA $2,500 –$9,999.99 N/A $2,500.00 0.55% 0.55%
Roth IRA $10,000 –$24,999.99 N/A $10,000.00 0.65% 0.65%
Roth IRA $25,000 –$49,999.99 N/A $25,000.00 0.70% 0.70%
Roth IRA $50,000 & over N/A $50,000.00 0.85% 0.85%

Fees

Item SEFCU Fee New York State Bank/Credit Union average fee**
(as of July 2018)

IRA Close Plan Fee

$15

 

IRA Transfer Fee

$15

$35.05

Distribution from Contribution

Non-taxable, no IRS penalties

 

Distribution from Earnings:

• Roth IRA is less than 5 years old

• Withdrawals used for higher education

Taxable, no IRS penalties

 

Distribution from Earnings:

• Roth IRA is less than 5 years old

• Withdrawals not used for higher education

Taxable, may have IRS penalty

 

Distribution from Earnings

• Roth IRA is at least 5 years old

• Owner will be at least 59½ years old during the current tax year

No tax liability, no IRS penalty

 

Distribution from Earnings

• Roth IRA is at least 5 years old

• Owner won’t be at least 59½ years old during the current tax year

• Withdrawals are used to pay for qualified higher education expenses, certain medical expenses or for a “First-Time” home purchase

 

“First-Time” home purchase means:

• The home must be purchased by a grandparent, parent, spouse, child or grandchild of the IRA owner, or by the IRA owner

• The home purchaser may not have had his or her name on a mortgage deed in the last 3 years

• There is a lifetime limit of $10,000 which can be distributed from the Roth IRA for this purpose

No tax liability, no IRS penalty

 

View complete details

 

 

 

Traditional & Roth IRA Share Certificates

Fixed Rates

Approximate Repayment Term Dividend Rate Annual Percentage Yield**
10 months 1.40% 1.41%
12 months 1.75% 1.76%
15 months 1.90% 1.92%
18 months 2.50% 2.53%
24 months 2.30% 2.32%
24-month add-on 2.30% 2.32%
36 months 2.30% 2.32%
48 months 2.30% 2.32%
6 months 0.90% 0.90%
60 months 2.30% 2.32%

Fees

Item IRS penalty SEFCU penalty New York State Bank/Credit Union average fee***
(as of July 2018)

Early withdrawal

Additional IRS penalties may apply

Penalty for breaking the certificate, based on amount withdrawn and the original term length; exceptions are made for withdrawals intended to cover a required minimum distribution

$28.93 – $32.22

Early redemption

Additional IRS penalties may apply

Distributions are usually subject to a SEFCU penalty; exceptions are made in the case of the member having died

 

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