Individual Retirement Accounts (IRA’s)

 

Energen Credit Union offers two types of IRA’s, Traditional and Roth.

Traditional IRA’s are contributions to an IRA made on a pre-tax basis. Traditional IRA’s lower gross annual income and can lower tax liabilities in some cases. There are substantial penalties for withdrawals made on traditional IRA’s before age 59 ½.

Roth IRA’s are contributions to an IRA made on a post-tax basis. Withdrawals made on Roth IRA’s prior to age 59 ½ are penalized only on the dividends earned by the Roth IRA.

Each member should consult their own tax accountant or advisor to determine which Energen Credit Union IRA is best for them.

IRA’s dividends paid quarterly – 2.26% APY

APY = Annual Percentage Yield

The minimum balance to earn the dividend rate is $100.00.

The minimum opening amount is $100.00.

The rate may change after the account is opened.

This rate is accurate as of 12/31/2013.

Fees could reduce the earnings on the account.