IRAs
Our flexible IRA accounts can be catered to help you save for retirement while meeting your financial needs today. Even if you already have a 401(k), an IRA may be a valuable way to supplement an employer-sponsored retirement plan. SCE FCU IRAs are held as IRA Certificates with varying terms from 12 to 60 months, so you can create a savings strategy that maximizes your earnings.
- Terms from 12 to 60 months
- $1,000 minimum opening balance
- Dividends compound monthly
- No fees to maintain your account
- Even if you withdraw your money early, the principal is protected
- Federally insured up to at least $250,000
Traditional IRAs
IRA contributions may be tax deductible, depending on your circumstances. Many people pay fewer taxes on these earnings because they move to a lower tax bracket after retirement.
Roth IRAs
This IRA has the same contribution limits as a traditional IRA, but you don’t need to be under 70½ years old to contribute. The contributions are not tax-deductible during the current tax year, but the earnings on your contributions are tax-deferred and may be tax-free if you wait to withdraw funds until you’ve had your Roth IRA for at least five years and you reach the age of 59½, become disabled, or qualify as a first-time homebuyer.
Coverdell Educational Savings Accounts (ESA)
Formerly called an Education IRA, the Coverdell ESA helps pay for a child’s education. When used to pay for qualified education expenses, the earnings on your contributions are tax-free.
IRA Savings
With no minimum balance requirement, this account allows you to start saving for retirement now and still have access to the funds.
Basic Elements - Legal Text
This page is intended to provide general information concerning IRAs, it is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information, please consult your tax or legal professional.
Rate Table: Certificates & IRAs
| Dividend7 | APY8 | Compounding | Minimum Balance | Minimum Deposit | |
|---|---|---|---|---|---|
| 91 Days11 | 0.25% | 0.25% | At maturity | $1,000 | $0 |
| 6 Months11 | 0.40% | 0.40% | Monthly | $1,000 | $0 |
| 12 Months | 0.55% | 0.55% | Monthly | $1,000 | $0 |
| 18 Months | 0.55% | 0.55% | Monthly | $1,000 | $0 |
| 24 Months | 0.65% | 0.65% | Monthly | $1,000 | $0 |
| 36 Months | 0.80% | 0.80% | Monthly | $1,000 | $0 |
| 48 Months | 0.90% | 0.90% | Monthly | $1,000 | $0 |
| 60 Months | 1.00% | 1.00% | Monthly | $1,000 | $0 |
Rates shown effective as of January 15, 2021
7Dividends are calculated on the Daily Balance Method for all accounts. 8APY = Annual Percentage Yield, and is based on the assumption that requirements will be met. Your statement will show the actual Annual Percentage Yield Earned (APYE). This may be different from the APY if the conditions are different from the above assumptions. Early withdrawal is subject to penalty on all Certificates. For example, if there are any fees, they could reduce the earnings on the account. 11Terms not available on IRAs.