Bear Paw Credit Union offers many savings options to help you maximize your interest income conveniently and safely. Because rates fluctuate, please ask a BPCU staff member for current rates or click on RATES.
The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings. A penalty may be imposed for withdrawals before maturity.
Term Share applies to all certificates. (Term share is a share account in a building society that is for a fixed period of time.)
Individual Retirement Accounts (IRA’s) are great tax-favored ways to save for retirement. Bear Paw Credit Union offers the following types of IRA accounts. Check with your tax advisor to see which IRA is right for you.
A Traditional IRA is easy to maintain, and typically offers two important tax advantages. You may be eligible to deduct your total annual Traditional IRA account contributions on your federal income tax return. Every penny of the earnings in your Traditional IRA is 100% free from federal income tax until you withdraw it from your account. Tax deferred money grows quicker, so money will grow faster in a Traditional IRA!
Contributions to a Roth IRA are not deductible, but if the funds are distributed in a "qualified distribution," they are not subject to federal income tax. Therefore, the earnings on the Roth IRA are generally tax-free.
There is no maximum age for making Roth IRA contribution. However, Roth IRA contributions must still be based on compensation.
If a distribution of earnings from a Roth IRA is a qualified distribution, it is not subject to federal income tax or the IRS 10% early distribution penalty.
A distribution that is not a qualified distribution may be taxable and may be subject to the IRS 10% early distribution penalty.
Coverdell ESAs allow money to grow tax deferred and proceeds to be withdrawn tax free for qualified education expenses at a qualified institution. However the definition of qualified expenses in an ESA includes primary and secondary school, not just college and university.
**The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings. A penalty may be imposed for withdrawals before maturity.
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