IRAs (Individual Retirement Accounts)

OECU offers a choice of three IRAs, to meet your specific savings requirements and objectives. All three provide risk-free investment and important tax benefits.*

Traditional IRA

The OECU Traditional IRA allows you to contribute up to $3,000 annually, and your contributions may be tax-deductible. As an additional benefit, the earnings on your Traditional IRA are tax-deferred—so you do not pay taxes on the earnings until they are withdrawn.*

Roth IRA

With the OECU Roth IRA, you can contribute up to $3,000 annually, and your earnings are tax-free. Contributions can be withdrawn at any time, without penalty. This is an important advantage over accounts that "lock in" your funds until maturity.*

Education IRA

The OECU Education IRA is a great way to save for your children's education. You can contribute up to $2,000 annually, and your earnings grow tax-free. For increased flexibility, the funds in your Education IRA can be transferred from one child to another within the family.*

*Subject to IRS Rules and Regulations

IRA Share Savings

IRA Share Savings Accounts are offered to members who want short-term savings products at a very competitive interest rate.

The IRA Share Savings Account is a variable rate, interest bearing account offering you the ability to earn, while providing you with a tool to manage your retirement money. The interest rates on this account are subject to change at any time.

IRA Share Savings Accounts earn daily dividends with dividends posted quarterly. The dividends on the account will be posted after normal business hours on the last day of each calendar month.

This account allows deposits to be made via payroll deductions or direct deposit, and is a good holding account for the accumulation of retirement funds until an IRA Term Share Certificate can be purchased.

Flexible Maturity Dates

IRA Term Share Certificates are available for any maturity from 6 months to 5 years. The member can pick the maturity date. The minimum deposit to open a certificate is $500.

Jumbo IRA Term Share Certificates are available and earn higher rates. Jumbo IRA Term Share Certificates require a minimum balance of $90,000.

Package Member Rates

Silver and Gold Package members will receive an increased interest rate on new and renewing IRA Term Share Certificates.

• .15% higher interest rate is paid to Silver Package members on new and renewing term IRA Term Share Certificates.
• .25% higher interest rate is paid to Gold Package members on new and renewing IRA Term Share Certificates.

The IRA Term Share Certificate has a monthly earning period, and earnings compound quarterly, based on the average daily balance. The dividends on the account will be posted after normal business hours on the last day of each calendar quarter.

At the member's option, dividends may or may not be compounded. You may choose to have dividends deposited to another IRA account at OECU. Having the dividends transferred to another IRA account at OECU will have an effect on the account APY. The dividend payment method must be declared at the time the IRA Term Share Certificate is opened or during the renewal period, and may not be changed during the term of the IRA Term Share Certificate.

IRA (Individual Retirement
Account)

The Application Form is a downloadable PDF File, requiring Adobe Acrobat Reader 5.0 or greater. Acrobat Reader can be downloaded by clicking on the above link.

 
THIS INSTITUTION IS NOT FEDERALLY INSURED. MEMBERS' ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY.