CDs & IRAs – Checking & Savings – Telcom Credit Union

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CDs & IRAs

Certificate of Deposit
If you want a higher rate of return on your savings, you might be interested in our certificate of deposit (CD) options. Funds are committed for a specified period of time to qualify for the higher interest rate, and feature:

	Competitive rates for the term of certificate
	Easy to open, automatically renewed at maturity
	Interest calculated daily; three interest payment options:

		Full interest paid at maturity
		Interest compounded quarterly (added to certificate)
		Monthly interest transfers to Telcom checking or savings account

	Flexible Terms: 1 – 5 years
	Low $500 minimum deposit
	Partial withdrawals allowed, subject to penalty
	Telcom early withdrawal penalties: 90 days interest on one year; 180 days interest on all others
	Certificate renewal notices sent seven (7) days prior to maturity; renewed automatically if no response; seven (7) day grace period for renewals; renewal acknowledgment sent on request
	Safety – CDs are included in NCUA $250,000 share insurance coverage.

IRA
Choose Telcom to be your “safe place” in your Individual Retirement Account (IRA) portfolio. We offer both Traditional and Roth IRA CDs and deposit accounts at very competitive rates.

Traditional IRAs grow tax deferred and may allow you a tax deduction, depending on your gross annual income. Singles may be eligible to contribute up to $5,000 for 2012 (or $6,000 for age 50 and older), while a married couple may be eligible to contribute a total of $10,000 per year ($12,000 for age 50 and older), even if one person is not employed. You can also rollover funds from another IRA or qualified pension plan to your Telcom IRA.

Roth IRAs provide for tax-free growth. Contributions are non-deductible, but can be withdrawn without federal penalty or taxation. Earnings can be withdrawn tax-free if done under qualifying IRS regulations.

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