Traditional IRAs give you a reliable source of income when you retire and may give you a tax break now. You must start making withdrawals when you turn 70 1/2. You’ll have to pay taxes on your contributions and the interest they earned when you make your withdrawals.
Roth IRAs do not have deductible contributions, but you can avoid paying taxes on your earnings. You can make tax-free withdrawals starting at age 59 1/2 if it’s been 5 years since you opened the account, but you’re not required to make withdrawals at any age.
Coverdell Education Savings accounts are classified as IRAs but are used for saving for the educational costs of children and grandchildren.
| Account | Min. Balance to Open | Min. Balance to Earn APY | Dividend Rate | APY* |
|---|---|---|---|---|
| IRA Savings | $5 | $5 | .50% | .50% |
| IRA Roth Savings | $500 | $500 | 1.00% | 1.01% |
| Share & IRA Certificates | Min. Balance to Open |
Min. Balance to Earn APY |
Dividend Rate |
APY* |
|---|---|---|---|---|
| 6 Month Certificate | $1,000 | $1,000 | 1.00% | 1.01% |
| 12 Month Certificate | $1,000 | $1,000 | 1.75% | 1.76% |
| 24 Month Certificate | $1,000 | $1,000 | 2.00% | 2.02% |
| 36 Month Certificate | $1,000 | $1,000 | 2.25% | 2.27% |
| 48 Month Certificate | $1,000 | $1,000 | 2.40% | 2.43% |
| 60 Month Certificate | $1,000 | $1,000 | 2.60% | 2.63% |
| IRA Certificates | $500 | $500 | Same as above | Same as above |
| Jumbo Certificates | $100,000 | $100,000 | Inquire at CU | Inquire at CU |
Consolidate with Personal Loans. Rates as low as 7.50% APR*!
Your next adventure starts at EPFCU with a low-rate loan.
“Stay on Track” contest has big prizes for using BalanceTrack!
Picture yourself on vacation for as low as 7.50% APR*!
Make your life easier. Download the epOnline Mobile App.
Main Office
13th & C Streets, SW
Room 215A
Washington, DC 20228
Fax: 202-874-4187
