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Education IRA
An Education
IRA also defers taxes on earnings, and not on contributions.
This is ideal when you are planning on supporting a child's
education, and want to accumulate earnings tax-free …
plus use funds from the account for future education tax free
and penalty free. Note: Rates illustrated below are the Annual Percentage Rates (APR)
| Certificate
Term Length |
Interest
Rate |
APY |
Minimum
Deposit to Open Account |
Interest
Paid |
| 3
Month |
2.81% |
2.85% |
$500 |
Monthly |
| 6
Month |
3.05% |
3.10% |
$500 |
Monthly |
| 9
Month |
3.30% |
3.35% |
$500 |
Monthly |
| 12
Month |
3.54% |
3.60% |
$500 |
Monthly |
| 18
Month |
3.68% |
3.75% |
$500 |
Monthly |
| 24
Month |
3.92% |
4.00% |
$500 |
Monthly |
| 30
Month |
4.07% |
4.15% |
$500 |
Monthly |
| 36
Month |
4.21% |
4.30% |
$500 |
Monthly |
| 48
Month |
4.31% |
4.40% |
$500 |
Monthly |
| 60
Month |
4.40% |
4.50% |
$500 |
Monthly |
Maximum contributions are $3,000
per individual for Traditional and Roth IRAs and $2,000 per
individual for Educational IRAs. Additional deposits can be
made to any IRA certificate in increments of $100.00 or larger.
Ohio Valley FCU uses the daily balance
method to calculate the interest on members' accounts. This
method applies a daily periodic rate to the principal in the
account each day.
Annual percentage yield assumes
no withdrawals and that earnings are compounded for 365 days
at the same interest rate.
Substantial interest penalty
for early withdrawal may be assessed on share certificates.
The interest rate and annual
percentage yield are accurate as the date noted above. Please
call Ohio Valley Federal Credit Union at (513) 724-6098 to obtain
current rate information. Unclaimed funds as defined in Chapter
169.02 of the Ohio revised code, state any share savings,
club account, share draft, or matured share certificate of
deposit, together with interest, will be considered unclaimed
if held after a period of five years.
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