Individual Retirement Accounts (IRAs)

Long-term investment vehicles, created to supplement your retirement and educational needs.

Roth IRA

This plan offers more incentives to boost retirement savings. Contributions are not tax-deductible; however, earnings can be withdrawn tax-free as long as they conform to the plan revisions.

*Annual Percentage Yields (APY) are effective as of 10/01/09 and are as follows: $0 - $200 – 0.00% APY, $200.01 - $20,000 – 2.00% APY, $20,000.01 - $40,000 – 2.25% APY and $40,000.01 – over - 2.50% APY

The Roth IRA holds after-tax dollars. By maximizing your contributions, you’ll add greater tax leverage to your retirement savings. Money can be withdrawn after 5 years and at age 59 ½ and will not be considered taxable income.

Traditional IRA

This plan offers tax-deferred earnings and the possibility for tax-deductible contributions. The plan is subject to IRS regulations.

*Annual Percentage Yields (APY) are effective as of 10/01/09 and are as follows: $0 - $200 – 0.00% APY, $200.01 - $20,000 – 2.00% APY, $20,000.01 - $40,000 – 2.25% APY and $40,000.01 – over - 2.50% APY

With a Traditional IRA you will be able to deduct the contributions made to the IRA from your income taxes. Money can be withdrawn at age 59 ½ but will be taxed as ordinary income.

Coverdell Educational IRA

This is a tax-advantaged saving plan that will help pay for a child’s education expenses. Contributions are not tax-deductible; however, earnings can be withdrawn tax-free as long as it is used for the education of a child.

*Coverdell Annual Percentage Yields (APY) are effective as of 10/01/09 and are as follows: $250 – above – 1.75% APY.

NCUA insures all IRAs up to $250,000 and at Oklahoma Central, in addition to the NCUA, we offer our members Excess Share Insurance. This insures all IRAs up to $250,000 which means your IRAs are insured up to $500,000. If you want to learn more about IRAs or are ready to open an account, call or stop in to speak to a Member Services Representative at one of our nine convenient locations.