YEFCU offers both Accumulation Savings IRAs and Share Certificate IRAs
Accumulation Savings IRA
An Accumulation Savings IRA is a variable rate account that allows for frequent, regular deposits. It is excellent for payroll deductions. Rates can fluctuate on a monthly basis and the minimum deposit is $10.00.
IRA Share Certificate
An IRA Share Certificate is a fixed rate account that is designed for a one-time deposit. The minimum deposit for an IRA Share Certificate is $250. Rates for this account are “locked in” for the length of the maturity period and the dividends are compounded on a quarterly basis.
IRA Rates at YEFCU
The minimum balance for our Accumulation IRA’s are $10, while our 12-48 month certificates begin at $250.
| Type | Dividend | APY* |
|---|---|---|
| Accumulation IRA’s (variable rate) | 0.15% | 0.150% |
| 12-month certificate | 1.00% | 1.01% |
| 18-month certificate | 1.45% | 1.451% |
| 24-month certificate | 2.00% | 2.02% |
| 48-month certificate | 2.45% | 2.456% |
*APY=Annual Percentage Yield.
A penalty of 180 days dividend is imposed for early withdrawal for all IRA Share Certificate terms except for 12 month certificates, which have a 90 day dividend penalty.
A $10.00 penalty is imposed on all IRA accounts withdrawn for transfer to another financial institution.
**Effective January 11th, 2023
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