IRAs

The Financial Advantage of an IRA

An Individual Retirement Account is a solid way of investing in your financial future from the day you make your first deposit. GTE Financial offers a range of IRAs to suit your goals.

Your income, tax bracket, number of years until retirement and other individual factors determine which investment option is best for you.

Traditional IRA

  • Designed for people under age 70½ who are earning income
  • Deposits are exempt from federal taxes until funds are withdrawn at retirement
  • Deductible from taxable gross income each year (talk to your Tax Advisor)

Roth IRA

  • Ideal for those who want penalty-free and tax-free access to their funds and don’t need a tax break
  • Open to everyone under age 70½ who are earning income
  • Contributions are made with after-tax dollars
  • Withdrawals after retirement may be tax-free
  • You can open a Traditional and a Roth IRA at the same time - contribution limits are combined

Coverdell IRA

  • Can be used for a child’s higher education
  • Contribute up to $2,000 per year to pay for future educational expenses at eligible schools
  • Contributions are made in after-tax dollars; however, the credit union dividends are not taxed and there is no tax on withdrawals used for education

IRA Plus

  • Ideal for investors with larger sums to contribute
  • Earrnings increase with the amount of your deposit

IRA Certificate

  • Deposit a specified amount for a pre-determined time
  • Access up to 10% of the principal plus dividends once a year, or 20% of the current balance if you are over 59½ years old, with no interest penalty

 

IRA Certificate Rates

Balance Dividend RateAPY*Member Advantage Dividend Rate Member Advantage APY*
6 month
1.05%
1.06%
1.30%
1.31%
12 month add-on**
1.25%
1.26%
1.50%
1.51%
18 month
1.55%
1.56%
1.80%
1.81%
24 month
1.70%
1.71%
1.95%
1.97%
30 month
1.75%
1.76%
2.00%
2.02%
Step Up 30 month††
1.65%
1.66%
1.90%
1.92%
36 month
2.00%
2.02%
2.25%
2.27%
48 month
2.25%
2.27%
2.50%
2.53%
60 month
2.55%
2.58%
2.80%
2.84%

All certificates are also offered as Traditional IRA certificates, Roth IRA certificates, Coverdell Education Savings Account (ESA) certificates and SEP certificates. In addition, prior to opening an IRA certificate (Traditional, Roth, SEP) or Coverdell ESA certificate, you must have or establish an IRA or Coverdell ESA with GTE Financial. With the exception of the 12 month add-on share or IRA certificate, you may not add any additional money to your certificate after opening. Dividends compound monthly and are paid on the last day of the month and at maturity. There are no penalties for monthly dividend withdrawals. Early withdrawal penalties may or will apply if the certificate is closed before the maturity date. You can withdraw up to 10% of the principal plus dividends one time per year (20% of the current balance if over 59 1/2 years old) with no early withdrawal penalty on IRA certificates. Any monthly withdrawals or transfers reduce earnings. Neither the primary account owner or joint owner may be a beneficiary on the certificate account (not applicable on IRAs and Coverdell ESAs). Certificate rates may change weekly. You are not locked into a rate until you open or renew your certificate.
*APY=Annual Percentage Yield as of June 1, 2017.
**Add-On option available in deposits of $100 or greater throughout the term of the certificate up to a combined maximum of $6,000 per primary owner per calendar year.
†† Certificate must be open for at least six months before one-time step-up feature can be utilized.

IRA Savings Account Rates

Balance Dividend RateAPY*Member Advantage Dividend Rate Member Advantage APY*
$0-$2,499.99
0.00%
0.00%
0.00%
0.00%
$2,500-$9,999.99
0.15%
0.15%
0.20%
0.20%
$10,000 - $49,999.99
0.20%
0.20%
0.25%
0.25%
$50,000 & Over
0.25%
0.25%
0.30%
0.30%

All savings accounts are also offered as Traditional IRA Plus, Roth IRA Plus, Coverdell Education Savings Account (ESA), and SEP savings accounts. In addition, prior to opening an IRA savings account (Traditional, Roth, SEP) or Coverdell ESA savings account, you must have or establish an IRA or Coverdell ESA with GTE Financial. Dividends compound monthly and are paid on the last day of the month. Any monthly withdrawals or transfers reduce earnings. Savings account rates may change weekly. *APY=Annual Percentage Yield as of December 1, 2016.

Open Your IRA

    • If you are a memberyou can easily open an IRA Certificate Account by logging into Online Banking and clicking on ‘Open IRA’ under ‘Accounts’ in the main navigation. Then select the "Open an additional Checking/Deposit account option".
    • If you are not yet a member, please visit our online application page and click the ‘Open An Account’ button in the top navigation. You will then click the ‘Become a Member’ button to start your application. Once you are a member, please login to Online Banking to ‘Open an Additional Account’.
    • If you prefer, you can also visit a location or call us at 813.871.2690 or toll-free at 1.888.871.2690 to apply for membership and an IRA Certificate Account.