University of Michigan Credit Union has savings options to help you make the most of your money. Whether you're looking for a basic savings account, saving for retirement or your next big purchase, UMCU has accounts to fit your needs.
Individual Retirement Account (IRA)
An IRA is a special savings plan which helps you save for your retirement. Over time, the money in your IRA will grow tax-deferred. And in the case of a Roth IRA, your withdrawals (including earnings) will be tax-free if the account has been open for five years and one of the following reasons applies:
- age 59 1/2
- first home purchase ($10,000 lifetime limit)
IRS regulations require that you have earned income or that you file your tax return jointly with someone who has earned income in order to make contributions (deposits) to an IRA. There is no minimum age requirement.
Interest is paid and compounded monthly on all IRA accounts. Investments are available for 6 months to 60 months. Traditional and Roth IRAs require a $500 to open. Loss of 90 days interest if funds are withdrawn before maturity.
Call us at 734-662-8200 or 800-968-8628 or stop by any one of our branches to pick-up an IRA application packet.