Individual Retirement Account (and IRA Accumulator Account) Whether the mere thought of retirement is incomprehensible or just around the corner, it's something which needs careful forethought, planning and saving. Spectrum offers various certificate investment options as well as a link to our Financial Resource Center. A Spectrum Individual Retirement Account certificate offers you: Low minimum deposit to open an IRA certificate- only $500!* Check out our IRA Certificate Accumulator Account. It's only $10 minimum deposit to open and it will make saving for an IRA easier! Once you set up your IRA Accumulator, use payroll deduction or payroll deposit for automatic deposits. Once you reach the minimum to open a regular IRA, simply contact us and we'll transfer your IRA Accumulator funds into a regular IRA Account. It's simple and convenient! Additionally, Spectrum offers Traditional IRAs, Educational IRAs and Roth IRAs. The rates for these IRAs is the same as our regular 12, 24, 36, 48 and 60 month certificates. See our Rate Sheet. Competitive dividend rates paid quarterly. Interest penalties for early withdrawal. Maximum annual deposit: $2,000 for an Educational IRA $4,000 each for Traditional and Roth IRAs. If you are 50 years old or more you may add $1,000 designated as a 'Catch-Up' Annual Limit amount (bringing the total for these IRA types to $5,000 for those 50+). Dividends may accrue tax-free - consult your tax advisor for details. In addition, dividends earned will most likely be taxed at a lower rate, because funds are typically withdrawn at retirement. Members may deduct the amount of IRA contributions from taxable income, if eligible. (Consult your tax advisor for eligibility requirements and other possible tax benefits.) Automatic roll-over at new rate for the same term. At maturity, you have a 7-day grace period to determine your reinvestment options. If you wish to renew your IRA, simply do nothing - Spectrum will conveniently renew it for you! Our IRA Certificates have no set-up fees or annual charges. Unlike most financial institutions, there are no fees. Members enjoy significant savings, compounded over the years. Unbeatable safety. IRA certificates are separately insured from your other Spectrum accounts - up to $250,000 - by the National Credit Union Administration, a government agency. Additional Share Insurance deposit coverage up to $250,000 on all credit union deposit accounts currently being insured by the NCUA is covered by American Share Insurance (ASI). This brings your per account IRA insured total to $500,000! IRAs from other institutions or pension, profit-sharing, 401(k) and SEP plans may be rolled over to a Spectrum IRA. Members can simplify their financial life by keeping accounts in one institution. It's easy to transfer funds with our simple transfer form! *NOTE: In accordance with the Truth In Savings Act, Spectrum has disclosures available containing the terms, fees and dividend rate provisions for your account. To receive a copy, ask a member service representative for a "Truth In Savings" disclosure.