parsons federal credit union parsons fcu parsonsfcu

man travel

Certificates & IRAs

A smart way to save for the future — short-term or long-term— are certificate accounts and IRAs. Let a financial professional at Parsons Federal Credit Union help you create a strategy that’s right for you and your family.  

For existing members interested in opening a CD or an IRA account, please send a secure message through our Online Banking or Mobile app, or contact a Member Services Representative at (800) 765-4527.

Certificate Accounts
Share-term certificates are designed to produce a guaranteed rate of return on your savings to meet a variety of financial needs. We’ve got great choices, whatever your goals, featuring:

    • Flexible terms from 6 months to 5 years
    • $1,000 Minimum deposit
    • Dividends posted monthly

 Current y

IRAs
Parsons FCU offers both Traditional and Roth IRA options for your retirement. 

Traditional IRA
    • Contributions often are tax-deductible
    • Earnings grow tax-deferred
    • Distributions generally are taxable
    • Distributions before you reach age 59½ are subject to penalty unless you meet an early distribution penalty exception.
    • Required minimum distributions must begin at age 73
Roth IRA
    • Contributions are not deductible
    • Earnings grow tax-deferred
    • Contributions generally can be distributed tax-free at any time
    • Earning can be distributed tax-free five (5) years after opening the account, or when you have reached age 59½. Tax-free distributions may also be taken if the account owner dies or becomes disabled, or to pay first-time home buyer expenses, or for supporting the account owner's education expenses
    • Distributions are not required until after the Roth IRA holder dies

Contact a Member Services Representative at (800) 765-4527 to discuss your IRA options.

Current YIELDS AND BALANCE MINIMUMS

   

Certificate Accounts & IRA FAQ

What are Certificate Accounts?

Certificate accounts allow you to accurately estimate your earnings and make planning for the future that much easier. They earn steady dividends often at a higher rate than most regular savings accounts. They can be a great way to diversify beyond the savings account you may already have, or an excellent alternative to such an account, depending on your needs.

What are IRAs?

The Traditional IRA is the basic account that allows you the flexibility of making regular and ongoing contributions. Contributions to your IRA may be deductible on your income taxes and your account earnings are tax-deferred. (Always consult with a qualified tax or investment advisor for tax deductibility qualifications.)

How do Certificates of Deposit (CDs) work?

A CD is a savings account that locks in your money for a specific amount of time (your term) with a fixed interest rate (stated in APY*) that's typically higher than regular savings accounts.

Is there a required opening deposit?

$1,000 is the minimum to open a Certificate of Deposit.

Are CDs insured?

Absolutely! Your deposits are insured up to $500,000 through the National Credit Union Administration (NCUA) and Excess Share Insurance Corporation (ESI) at no additional cost to you!

How do I open an account?

You must be a member of our credit union to open a Certificate Account.
Join now

For current members, you may call a Member Service Representative at (800) 765-4527 or send a secured message through our Mobile App or Online Banking.

What are the Traditional and Roth IRA contribution limits?

  • Tax Year 2023 limit is $6,500.
  • Individuals 50 or more can make an additional $1,000 "catch-up" contribution per year

What if I have more questions?

Please call a Member Service Representative at  (800) 765-4527.