Thinking about what you are going to do with your Tax Income Refund or Retirement Rollovers? Want to earn competitive intrest?
Deposit your funds into a HFDFCU IRA!
Effective January 1, 2006
Traditional & ROTH IRA
3.50% APY*
Rate subject to change without prior notice.
*Annual Percentage Yield
Individual Retirement Accounts
Honolulu Fire Department Federal Credit Union offers Traditional and Roth IRA plans.
TRADITIONAL - A traditional IRA program is an account that allows you to defer taxes on your earning until you withdraw the funds. Based on your personal tax situation, you may receive a tax deduction for this type of deposit. You must start withdrawing funds once you reach 70 1/2.
ROTH - This IRA program is gaining popularity because the account allows all earnings to grow tax-free in this account and there is no age that you must start distributions from this account. This IRA is not a tax-deductible, however, it does offer some true advantages over a Traditional IRA program. One of the benefits from some is the provision for "qualified distributions". A qualified distribution from a Roth IRA means the account must have been opened for at least 5 years and you are either older than 59 1/2; disabled, or a first time home buyer ($10,000 lifetime withdrawal limit). Another benefit of the new Roth IRA is that there is no required distribution, so if you don't need the funds you do not need to take any withdrawals from the program.
Because these accounts have so many different features and the deposits are based on your personal tax situation we recommend that you discuss this with you tax advisor prior to opening an account.
Click on the link(s) below for our current Truth in Savings (TIS) Disclosure(s)
TIS-1
TIS-2 - Term Certificates
