Certificates & IRAs
Share Certificates of Deposit
Most commonly known as CD’s in the banking world, Credit Unions refer to this as a Share Certificate. You can expect to earn more than you would in a typical savings account. Your earning are paid out in dividends and insured by the National Credit Union Administration (NCUA). For current terms and rates please visit our resources page under current rates or click here: Current Rates
There are two primary types of IRA’s offered at HCCU.
Traditional and Roth
You may choose one or both depending on your tax situation and income, but all IRA’s together are subject to the combined contribution limit.
Traditional IRAs may allow you to receive a tax deduction equal to your contribution. The deductibility of a contribution is subject to income limitations depending on if you or your spouse participate in a retirement plan at work. Distributions are taxed as ordinary income when withdrawn.
Roth IRAs are always funded with after-tax contributions and you will not receive a tax deduction. Your income must be under certain limits to be able to contribute. Qualified distributions are tax-free when withdrawn
You can make contributions throughout the year or in a lump sum by the contribution deadline (usually the tax return due date — not including extensions — in the following year). Yearly contribution limits are subject to change, please speak with an HCCU Member Service Representative for more details for current rates and terms.