Share IRA (Individual Retirement Accounts)
Share IRA & Share Certificate IRA
To some thinking of Retirement can seem far away, but to others it can be fast approaching. Planning is one of the many keys to success. At St. Jules Credit Union we want to give our members several options for retirement planning. The following Individual Retirement Accounts are available to our membership:
- Traditional Share IRA: Traditional IRAs offer tax-deferred earnings and the possibility of tax deductible contributions.
- ROTH Share IRA: Roth IRA is funded by non-deductible contributions.
- Coverdell ESA Share IRA: Educational IRA enables parents or others to deposit $500.00 to be used for educational purposes.
- Share Certificate IRA: For slightly higher dividend earnings than paid on Share IRAs, St. Jules Credit Union is also offering Share Certificate IRAs to its membership. Traditional, ROTH, and Educational Share Certificate IRAs are available. A $1,000.00 minimum balance is required to open a Share Certificate IRA at St. Jules Credit Union. Members can choose between a 6 Months or 12 Months term. For Additional Information & Disclosures, please refer to our Share Certification tab.
NCUA Insurance: Member Shares (savings) are federally insured to at least $250,000.00 and backed by the full faith and credit of the United States Government.
Rate and Fees: Please refer to the Share Rate to review the dividend rates & to the Fee Schedule to review the fees associated with this account under Related Links.
Other Terms & Conditions:
*Truth-In-Savings Disclosures are available per request at any time, and are also provided when opening your account with St. Jules Credit Union.
Share Certificate IRA Disclosures: Please refer to our Share Certificate tab.
Share IRA Disclosures:
- Rate Information: The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For all accounts, the Dividend Rate and Annual Percentage Yield may change monthly as determined by St. Jules Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the credit union anticipates paying for the applicable dividend period.
- Nature of Dividends: Dividends are paid from current income and available earnings following mandated transfers to reserves at the end of the dividend period.
- Dividend Compounding and Crediting: The compounding of dividends for Share IRAs, occurs quarterly. The Dividend Period is the period of time at the end of which an account earns dividend credit. The dividend period for Share IRAs begins on the first calendar day of each quarter and ends on the last calendar day of the quarter. Account statements are then printed and mailed following these quarter ending dividend posting months.
- Accrual of Dividends: For Share IRAs, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. For all accounts, if you close your account before accrued dividends are credited; accrued dividends will not be paid.
- Balance Information: Share IRA Accounts require a minimum opening deposit of $5.00. For all accounts there is a minimum average daily balance required to obtain the stated Annual Percentage Yield for the dividend period. For all accounts using an Average Daily Balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.