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investments
individual retirement account

It’s never too early to start planning for retirement! No matter what age you are, we can help you plan for the future with our Individual Retirement Account (IRA).

Compare your IRA options here.

Benefits

  • Members may make contributions up to $5,000 a year for Traditional, Roth, Coverdell Education Savings accounts
  • A catch-up contribution up to $1,000 a year (for those age 50 and older) is permitted
  • Members may make contributions to a Simplified Employee Pension Plan (SEP) up to 25% of their taxable compensation (18.47% of the self-employment income of an owner-employee)
  • Roll money into other IRAs without penalty
  • Share and certificate accounts available
  • Unlimited use of Internet Account Access
  • Free, unlimited use of Member Connect

Note: According to the Emergency Economic Stabilization Act of 2008 tax-free qualified charitable distributions may be made directly to a charity by an IRA owner over age 70 ½ through the end of 2009.

Current Rates
Regular IRA
APY*Interest Rate
0.850%0.847%
   

No Minimum Balance Required

IRA CD
TermAPY*Interest Rate
6 Months1.000%0.996%
1 Year1.550%1.541%
2 Years1.800%1.788%
3 Years2.050%2.034%
4 Years2.200%2.182%
5 Years2.400%2.379%
   

$500 Minimum Balance Required

 
Retirement Calculators



* Minimum investment listed is to earn the advertised APY. All rates and APYs are accurate as of today, and subject to change at any time. APY refers to Annual Percentage Yield. Fees may reduce earnings on accounts. A penalty will be imposed for early withdrawal from Certificates of Deposit. Minimum balances listed are to open an account and to earn the advertised APY. For current rates, please call 586-263-8800.


**APY=Annual Percentage Yield. New money only. Early withdrawal subject to 180 days of interest penalty. Minimum balance to open the account and earn the advertised APY is $500. The 16 months CD will roll into the 2 year CD at maturity and the 40 month CD will roll into the 4 year CD at maturity. Terms subject to change anytime without notice. Ask a Member Service Representative for terms and details. Rates effective as of 9/1/06.


© 2009 Michigan Schools and Government Credit Union • All rights reserved
40400 Garfield Road • Clinton Township, MI 48038 • 586.263.8800

Routing number: 272480173

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$250,000 and backed by the
full faith and credit of the
United States Government.		 We do business in accordance with the
Federal Fair Housing Law and Equal
Credit Opportunity Act.