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Hawaii State Federal Credit Union offers several IRA products to fit your retirement and tax saving needs. (The following information is not intended as tax advice. Please consult a tax professional with regard to your own situation.)
Traditional IRAs
The credit union offers an IRA that provides members with potential tax savings while they save for retirement. - $100 minimum deposit
- No minimum balance
- Contributions may be tax-deductible for the year they are made
- Earnings grow tax-deferred until withdrawn
- Penalty-free withdrawals allowed for qualified higher-education expenses, first-time home purchases, disability, qualifying medical expenses, attainment of age 59 1/2, or payment to beneficiaries upon death
- Requirements include the stopping of contributions and the starting of withdrawals at age 70 1/2.
Roth IRAs
The Roth IRA allows members who are either buying their first home, disabled, or 59 1/2 years of age to make tax-free withdrawals from this account provided the account has been open for at least five years. Although contributions are non-deductible, interest and capital gains will accumulate federally tax-free like a traditional IRA. - $100 minimum deposit
- No minimum balance
Coverdell Education Savings Account
The Coverdell Education Savings Account offers members an alternative way to pay for qualified higher-education expenses for their dependents. Contributions are limited to a maximum of $2,000 per child per year and must be made prior to the beneficiary reaching age 18. Monies in this savings account must be used by your dependents before age 30. - Make up to a $2,000 annual, non tax-deductible contribution for your children under age 18
- $100 minimum deposit
- No minimum balance
IRA Term Share (Certificate) Account
Lock into higher savings yields and build your retirement nest egg with a Hawaii State FCU IRA Term Share Account. Terms of 6, 12, 24, 36, and 60 months at competitive rates fixed for duration of term. No transaction costs or service fees. - Earn premium dividends for a specified term
- $1,000 minimum deposit
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