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Share Certificates
Share Certificates are with terms of 6, 12, and 24 months, with a minimum deposit of $1,000. Dividends are earned and can be paid directly to you, deposited to your S1 Shares account or reinvested in your certificate to earn more. There is a penalty assessed for early withdrawal from this account. Dividends are calculated daily, paid quarterly based on a tired rate structure, and are reflected on your quarterly statement. Current rates are available on request.
IRAs
INVEST IN YOUR OWN FUTURE ...
with an IRA from Helena Community Credit Union
An Individual Retirement Account (IRA) is not only a great tax move, but a solid way to plan for your retirement years! An IRA is a tax-deferred savings plan that allows you tax-free savings until you begin withdrawing funds when you retire. In many cases, your contributions are also tax deductible, but you should consult with your/a tax advisor to be certain. Your Helena Community IRA is insured to $100,000, and you can switch your IRA investments to other accounts at a Helena Community without any penalties being incurred. You are also able to “roll over” funds from other pension plans to an IRA account, subject to federal guidelines.
IRA ACCUMULATOR
This IRA allows employed members to accumlate $3000 annually with a savings plan that allows you to contribute using payroll deduction, by mail or by stopping by the Credit Union.
IRA SHARE CERTIFICATE
This certificate is purchased with your IRA funds for a specified term to take advantage of higher interest rates. IRA rules and guidelines do apply.
IRA Withdrawals and Associated Fees
There is a 10% federal tax penalty for withdrawals prior to age 59 1/2, unless you are permanently disabled, and the money withdrawn will be taxed as a regular income. Therefore, IRAs are recommended as long-term savings goals.
Maintenance Fee: $10.00 annually (waived with an accumulative IRA balance of $500.00 or more).
GET A GRIP ON GREAT TAX BREAKS with new savings strategies at Helena Community
Helena Community offers NEW options that will make planning for the future a breeze. Consider these options:
Roth IRAs: This IRA option enables married couples filing a joint tax return with a modified adjusted gross income of up to $150,000, and single filers with a modified adjusted gross income of up to $95,000 to make full contributions to a Roth IRA. Higher income households may qualify for reduced contributions. Contributions can be made to a traditional IRA, a Roth IRA or both for a given year, but the total cannot exceed your annual compensation or $3,000 per year, whichever is less. Contributions to a Roth IRA are not tax deductible, however, withdrawals from a Roth IRA may be tax-free*.
Improved traditional IRAs: This IRA has always been a great savings opportunity, but now its even better! IRA accounts are available to anyone under age 70.5 who receive income. Contributions are tax deductible for more people in 1998, and income tax on the account earnings is still deferred until funds are withdrawn at retirement. You can contribute up to $3,000 per year as a single and $6,000 per couple, $500 catch up contributions for people over 50, and it’s possible all or part of your contribution is tax deductible.* New rules that allow withdrawals before retirement without the penalties (first-time home buyers and education expenses). Ask us about the details.
Coverdell Education Savings Act (formerly Education IRA): Make an annual contribution of up to $2000 maximum deposit per year/per child under 18 yrs of age to a Coverdell Education Savings account to save for your children’s or grandchildren’s education. (Restrictions apply, please ask for details.)
Medical Savings Account: This account enables you to save up to $3,000 annually in self-administered Montana medical savings account. This account is designed to give you the opportunity to prepare for insurance deductibles, eyeglasses, or other medical needs, and may provide a tax reduction on Montana taxes only.
For as little as $25, you can open an account that will make your savings grow! Call us today, we have all the details, and we can help you get a grip on great tax breaks!
WHY GO ANYWHERE ELSE_
*Consult your financial advisor to see how any of these accounts affect your tax picture.
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