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The Regular Share Savings Account requires a minimum
opening deposit of $50.00.
No. There are no per check fees, maintenance fees or
monthly service charges.
That depends. We provide you with access via the Co-op
Network. If you use a Co-op affiliated ATM, there is
no service fee. If the ATM you are using is not part
of the Co-op Network, there may be a fee imposed by the
ATM. Idadiv does not charge you for ATM withdrawals,
be it an in-network ATM or an ATM outside our network.
A certificate is a fixed-term, fixed-rate savings product.
You deposit your money into the certificate and leave it
deposited for a fixed period of time. Because you have
committed the funds for a longer period of time, the rates
are higher than a regular savings account. There is a penalty
for early withdrawal from the certificate.
No. The rate of your certificate was locked in at
the time it was opened and will remain that rate for
the term of your certificate. When the certificate matures,
however, it will renew at the current rate on the date
of maturity. You do have the option of a one –time
rate bump if the rates rise during your term.
You can make withdrawals from your Share Certificate
at maturity and for a grace period of ten calendar days
after maturity.
The current rates for our savings products can be found
here on our website under Savings Rates or by contacting
the credit union at 208-467-6583 during office hours.
No, the IRA account is an Individual
Retirement Account, and by IRS guidelines, there can only
be one person listed on this account. You can, however,
list your spouse, children, and anyone else you desire
as a beneficiary on your IRA.
No, the only person with access to
the IRA account is the individual owner. Again, you can
list your spouse, children, and anyone else you desire
as a beneficiary on your IRA.
With a direct transfer (where you
tell the other financial institution to send the funds
to the credit union for the benefit of your IRA), you
have no deadlines or limitations as long as you’re
under age 70½ and the money leaves and re-enters
the same type of IRA. With a rollover (where the funds
are payable to you), you have 60 days to redeposit the
money into an IRA. The portion of a traditional IRA distribution
that’s not re-deposited to an IRA when the clock
runs out becomes taxable income, except to the extent
it represents a return of nondeductible IRA contributions.
Rollovers between the same IRA type are also subject to
a “once-a-year-rule.” Simply put, you can’t
roll over IRA funds if there was a previous rollover from
the same IRA in the last 365 days. The rule also bans rollovers
from an IRA that has received a rollover in the last 365
days. Keep in mind that if you are 70½ or older,
you’re required to receive minimum distributions
from your traditional IRA that do not qualify for any rollover
or direct transfer.
If you wish, you certainly can put
your whole year’s contribution in at once. But
you can make it a lot easier on your pocketbook with
payroll deduction at the credit union. This convenient
method spreads your IRA contribution over the entire
year, helping you to save regularly and avoid the hit
of a lump-sum payment. For example, if you’re eligible
to contribute $3,000 to a traditional or Roth IRA, simply
tell us to automatically deposit $250 from your paycheck
directly into your IRA at the end of each month. It won’t
seem like much, but it adds up in the end. After 25 years
earning 5% compounded monthly, you’ll have $158,369.30 – all
without a single reminder to yourself to save for your
future.
With a traditional IRA, your contributions
may be tax-deductible and earnings are tax-deferred,
meaning you pay taxes on most IRA funds upon withdrawal.
In contrast, Roth IRA contributions are always made with
after-tax dollars, but qualified withdrawals are tax-free – including
all your earnings!
As for similarities, the aggregate contribution limit to
either a Roth or Traditional IRA is $3,000 per year or
100% of your compensation (whichever is less). And both
offer the flexibility to use funds not only for retirement,
but also for first-time home purchase and higher-education
expenses.
Yes, you can contribute to a Roth
or Traditional IRA regardless of whether or not you have
an employer-sponsored retirement plan. In fact, IRAs
are a great way to pad your savings.
While participation in a retirement plan doesn’t
change how much you can contribute to an IRA, it can affect
whether or not you’re eligible to deduct your contributions
to a traditional IRA on your tax return. But keep in mind
that as long as you’ve earned compensation, you can
always make nondeductible contributions to a traditional
IRA and benefit from tax-deferred earnings.
To be eligible for a traditional
or Roth IRA, you must earn compensation or file a joint
income tax return with a spouse who earns compensation.
If you want to contribute to a traditional IRA, the only
additional requirement is that you are under age 70½.
Whether your contributions will be tax-deductible, however,
is determined by your participation in a retirement plan
and your income.
If you and your spouse want to put
money into traditional or Roth IRAs, your contributions
can total $6,000 or your combined compensation, whichever
is less. But the maximum contribution for each spouse
can’t exceed $3,000 per year, so you’ll need
at least two separate IRAs to contribute the full $6,000.
If you don’t earn compensation, but your spouse
does, you still may be eligible to contribute to a Traditional
or Roth IRA based on your spouses earnings.
Keep in mind that you must earn under $95,000 on a single
tax return and under $150,000 on a joint tax return in
order to contribute the full $3,000 to a Roth IRA. You
can still make partial contributions to a Roth with an
income up to $110,000 as a single filer and $160,000 as
a joint filer. While there’s no age limit on contributions
to Roth IRAs, you can’t contribute to a traditional
IRA for the year you reach age 70½ or later years.
Also, there are some limitations on tax-deductible contributions
to traditional IRAs.
There’s nothing wrong with having
both. In fact, it gives you the chance to benefit from both
front-end and back-end tax savings. But remember that you
can only contribute up to $3,000 per year to any combination
of traditional and Roth IRAs that you have. You can’t
contribute $3,000 to each. On the other hand, your annual
$2,000 contributions to an Education IRA are entirely separate
from the $3,000 yearly contribution limit for traditional
and Roth IRAs. |
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