the SUMMIT FEDERAL CREDIT UNION

Individual Retirement Accounts (IRAs)

Take advantage of our wide variety of IRAs1. A Summit IRA is an excellent tax-deferred way to help you reach your retirement goals or supplement other retirement plans.

IRA Share Certificates

  • "Lock in" a fixed dividend rate equal to that of a Summit share certificate rate with as little as $500.
  • Choose the term that's best for you.
  • Easily add rollovers from your 401K or pension to a new IRA Share Certificate.
  • Earn tax-deferred interest that lets your earnings grow on a tax-free basis.
  • Begin receiving your disbursements as early as age 59½ or delay them until age 70½.

Traditional IRAs

  • This type of IRA provides a dividend rate2 that is based on the highest Money Market rate in effect on the first day of each month and is then fixed for that calendar month.
  • Take advantage of favorable rate fluctuations for greater earnings.
  • You have the option of Payroll Deduction into the account each pay period.
  • Earn tax-deferred dividends that let your earnings grow on a tax-free basis.
  • Contributions may be tax deductible, earning are not taxed until you distribute the assets.
  • Begin receiving your disbursements as early as age 59½ or delay them until age 70½.

Roth IRAs

Open a Roth IRA and receive tax-free distributions after 5 years for special circumstances, including:

  • You have reached age 59½
  • You have a permanent disability
  • You are making a first-time home purchase
  • A joint account holder is making a withdrawal in the event of your death
  • Earn tax-deferred interest that lets your earnings grow on a tax-free basis.
  • Pay no taxes on your Roth IRA earnings when you make qualified withdrawals.

Individuals may make a yearly contribution to an IRA based on their annual income. The following contribution levels apply:

Year Under 50 Years Old Over 50 Years Old
2010-2012 $5000 $6000
2013-2017 $5500 $6500

 

 

Interested in other Investment Products?

1. Early IRA withdrawal may be subject to substantial penalties. The Summit FCU suggests you consult with your personal tax advisor before making any decisions. An uninformed decision now could mean penalties and reduced earnings in the future.

2. Dividend rates are declared by The Summit's Board of Directors.

 

NCUA

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
National Credit Union Administration, a U.S. Government Agency

Privacy Policy Notice   |   Disclosures Equal Housing Lender
You must be a member of The Summit FCU to take advantage of its products and services
Serving Central & Western New York
2012 by The Summit Federal Credit Union. All rights reserved

Summit Online Access Enrollment

Enrolling in Online Access is easy - here's how:

If you don't have an Online Access PIN or need assistance, please call (585) 453-7030 or (800) 836-7328.

Close