FME Federal Credit Union is offering a High Yield Payroll Savings IRA, a six-month IRA account that allows you to save and earn an IRA rate of 2.75%APY. The rate is paid up to your maximum yearly IRA contribution limit.
Only funds from Payroll Savings sources may be deposited into the account. In addition, dividends are paid semi-annually each year, January 1 and July 1.
Here are FME Federal Credit Union’s IRA Savings Plan:
- Traditional IRA (under the age of 50) – 2.75%APY
- Traditional IRA (over the age of 50) – 2.75%APY
- Roth IRA (under the age of 50) – 2.75%APY
- Roth IRA (over the age of 50) – 2.75%APY
The maximum contribution required for Traditional IRA and Roth IRA for those under the age of 50 is $5,000 while those over 60 is $6,000.