Get immediate tax benefits

  • Contribute up to $7,000 annually ($8,000 if age 50 or older) for 2024
  • IRA can be opened as CDs or Savings accounts
  • Earn guaranteed dividends that exceed interest rates on most savings accounts
  • Interest earned is tax deferred until funds are withdrawn
  • Regular contributions to an IRA may be tax deductible*

If your employer has a Simplified Employee Pension Plan, you'll want to open a Traditional IRA and take advantage of employer contributions to your retirement savings. Also, when you open a Traditional IRA at Michigan Schools and Government Credit Union, you'll be able to watch your account grow within Online Banking

* Contact a tax advisor about how IRA contributions affect your individual tax status.

Individual Retirement Account (IRA)
APY*Interest Rate
0.300% 0.300%

*APY = Annual Percentage Yield. No Minimum Balance Required.

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Tax-free withdrawals available

  • Contribute up to $7,000 annually ($8,000 if age 50 or older) for 2024
  • Money can be used for higher education costs as well as retirement
  • Earn guaranteed dividends that exceed interest rates on most savings accounts
  • Earnings are tax and penalty free when qualified
  • Regular contributions may be withdrawn tax and penalty free at anytime

Many investors combine Traditional and Roth IRAs. Talk to MSGCU's Investment Planning advisors about the best way to structure your investments. Also, when you open a Roth IRA at Michigan Schools and Government Credit Union, you'll be able to watch your account grow within Online Banking.

 

icon: stopwatch showing 5 minutes Interested in learning more? Check out this 5-minute lesson.

 

Start saving for college costs

  • Contribute up to $2,000 annually to a Coverdell Education Savings Account
  • Earn guaranteed returns that exceed the interest rates on most savings accounts
  • Tax-deferred earnings
  • Withdrawals used for qualified education expenses are tax-free at the federal level
  • Account can also pay for private elementary and secondary school tuition
  • Unused funds are transferable to a qualified family member

Some families combine Coverdell Education Savings Accounts with other college savings plans. Make an appointment with one of our Investment Planning advisors to discuss all the ways to save for college. When you open a Coverdell account at Michigan Schools and Government Credit Union, you'll be able to watch your account grow within Online Banking.