IRAs, CESAs, and Certificate Accounts

Sorting Out Your IRA Options

Saving for retirement is always a good idea, and Velocity Community Credit Union is a great place to start! We offer investment accounts such as IRAs, both traditional and ROTH, as basic saving accounts or Certificates. We also offer CESAs accounts to start saving for your child’s education.

Traditional IRA Accounts

This is the original IRA. Your contributions may be tax-deductible and your earnings grow tax-deferred. Since you defer taxes on both your contributions and your earnings, you can save quickly for your retirement.     


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ROTH IRA Accounts

Your contributions are non-deductible with tax-free withdrawals of earnings at retirement. This is an excellent retirement vehicle for people of all ages, but not everyone is eligible to contribute.

Ask the professionals at Velocity Community Credit Union for answers about using IRAs and IRA Certificates to build savings for retirement.


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Coverdell Education Savings Accounts

CESAs allow you to save money for your child’s education on a tax-favored basis. Distributions used to pay for certain qualified education expenses are federal income tax-free and penalty tax-free.

Anyone can make contributions to a child’s CESA (including parents, grandparents, godparents, corporations, etc.), though they may be limited by their modified adjusted gross income (MAGI). The contribution is not tax-deductible.

General Information:

  • No annual fee
  • No maintenance fee
  • Both Savings and Certificate accounts available
  • April 15th is typically the last day to make contributions for the prior tax year
  • Insured by NCUA up to $250,000

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Consult a Branch Consultant for additional information on the best IRA for your personal situation.1


1 Please note that we cannot offer any information that may be considered tax advice. For information on the impact a CESA may have on your taxes, please consult your tax professional.

Share Certificates

A staple of investment accounts, our share certificates also offer flexibility. Choose from a variety of term lengths, as well as where you want your dividends to go–toward your certificate principal or another account. You even can have your certificate automatically renew to keep your money growing uninterrupted.

  • Pick your own term2 – anywhere from 6 months to 5 years!
  • Flexible CD: add or withdraw up to 25% of the CD value one time during the term of the CD with no penalty.
  • “Bump-Up” CD: available on 24-month terms only. If rates rise, you have the option of “bumping up” the rate one time without fees or penalties.
  • Federally Insured to $250,000 by the National Credit Union Administration, an agency of the United States government.

You’ve worked hard to save. And you can trust us to work hard for you–to answer all your questions and help you find the best solution for your needs.

So make a safe and sound decision for improving your financial security. Call Velocity Community Credit Union today about the earning power and stability of share certificates.

The National Credit Union Administration’s Share Insurance Fund insures your savings account up to $250,000. To read about your share insurance protection, visit the NCUA.

2 Terms are restricted to monthly increments.