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Certificates
Credit Union time certificates offer a savings method that offers a high rate on return while being 100% insured against loss by the NCUSIF, an agency of the federal government.
Certificate terms rage from 3 months to 5 years.
Rates (APYs) are based on the term.
Unless specific arrangements are made with a Member Service Representative, certificates will automatically renew at maturity. This provides convenience for members, but still permits members nearly 30-days to change the terms or conditions of the certificate without penalty.
Dividends earned may be reinvested, deposited into a share account or mailed directly to you.
You can track your certificates on the credit union's combined monthly statement, which provides useful information about all shares, investments and loans under the member's account number.
Term Share Certificates
Minimum deposits of $500.00 up to your maximum amount.
Choose from a wide range of terms to meet your needs.
Additional annual deposits can be added when the certificate matures.
IRAs
Members who desire the tax advantages of an Individual Retirement Account, can invest in your credit union's IRA Certificate accounts or IRA Share accounts, with no risk. Learn more about the tax advantages of an IRA and the flexibility of the three different IRA programs offered by CP Federal Credit Union.
Save for retirement and qualified members can save on taxes today with an Individual Retirement Account. Choose from these programs:
- Variable Rate IRA Make deposits through payroll deduction, automatic transfers, by mail, or in person. These deposits are subject to your same annual limits.
- Educational Savings Account (ESA) Save for any post secondary education by investing up to $2000 a year per child younger than 18. Contributions may be made by any family member. The contribution is NOT tax deductible. Instead, earnings grow tax-free and you pay no taxes or penalties on money withdrawn to pay for qualified higher-education expenses, before the beneficiary reaches age 30. Certain restrictions apply.
- Roth & Traditional IRA Contribute up to $3,000 per year. Contributions are NOT tax-deductible. Contribution withdrawals are tax-free and penalty-free at any time. You may even use the money for a first-time house purchase ($10,000 lifetime withdrawal limit). Certain restrictions apply to earnings. We recommend that you consult with your tax attorney or advisor regarding IRA requirements and benefits for you.
Note: Early withdrawal penalties may apply to some term share accounts.
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Savings at your Credit Union are 100% insured by the NCUSIF.
Your savings with CP Federal Credit Union are federally insured up to $100,000 by the NCUSIF (National Credit Union Share Insurance Fund) a government agency. Traditional and Roth IRAs and KEOGH retirement accounts at NCUA insured credit unions are now insured up to $250,000. Please see a CPFCU employee for more information on how to maximize your account insurance benefit or visit www.NCUA.gov/ShareInsurance/SpecialBulletin.pdf
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