Investment Savings

Individual Retirement Accounts (IRAs)  offer unique and exciting savings opportunities based on your financial needs. Fairfield Federal Credit Union offers three options for you to choose which type of tax-advantage savings plan works best for you!

Traditional IRA

Contributions to this type of IRA may be tax deductible in the year in which the contributions are made, and taxes due on the earned interest are deferred until the funds are withdrawn.

Roth IRA

Contributions are post-tax and growth may be tax-free.

Since withdrawals are not reportable income, they will not affect your adjusted gross income during retirement. Contributions can be made after age 70½, and no withdrawals are required during the accountholder's life. Withdrawals from a Roth IRA are tax- and penalty-free as long as the account has been open for at least five tax years and you are either over 59 ½, disabled or buying a first home.

Contributions can be made up to April 15th for the previous year.

Balance Requirement Nominal Rate APY Compounding
$25 - $20,0000.25%0.25%**Quarterly
$20,001 - $75,0000.40%0.40%**Quarterly
$75,001 and Up0.50%0.50%**Quarterly

Coverdell Savings Account

Gives flexibility to families saving for college tuition and other related expenses.

  • Up to $2,000 per year may be deposited for each child under age 18.
  • Anyone can make a contribution — parents, grandparents, relatives, or friends
  • Earnings and withdrawals are tax free if used for educational expense by age 30
  • Can be transferred to another child in family
  • 10% penalty if used for another purpose
  • These contributions are not tax deductible, but dividends earned are tax free.
  • Contributions can be made up to April 15th.
Amount Nominal Rate APY Compounding
$25 and Up1.45%1.45%**Quarterly

*Not intended as tax advice, please contact a tax professional.

**APY = Annual Percentage Yield. As high as based on tier, term, or other factors.
All rates subject to change without prior notice.

Your credit union certificates, savings and checking accounts are insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the federal government. This guarantees your deposits are safe and secure at the credit union.