The money that helps make every moment count.
Travel wide. Try new things. Spoil the grandkids. Spend sunny afternoons with friends. With our tax-advantaged IRAs, those retirement years really can be golden.
They start as a daydream. But your retirement ideas should quickly turn into an action plan. Ready to start building toward a better tomorrow? At Summit Credit Union, we offer multiple ways to grow your money, and all the help you need to get things headed the right direction.
- Contribute up to $6,500 a year ($7,500 if over age 50).
- Traditional and Roth IRAs are available.
- With Traditional IRAs, you may be able to take a tax deduction every year you make a contribution.
- With Roth IRAs, qualified withdrawals are tax- and penalty-free.
- With both Traditional and Roth IRAs, your annual interest and dividend interest grows tax-free.
Want to know more? Members can open an IRA at any branch. To schedule an appointment, call or text our Member Service Call Center at 336-662-6200.
Saving Options
There's no one-size-fits-all way to build your retirement savings. At Summit Credit Union, we offer Individual Retirement Arrangements that let you combine several types of accounts.
IRA Accumulator
- No minimum balance required on the account.
- Deposit funds as you would with a regular savings account.
- Dividends are paid quarterly.
- If the balance is below $500, there is a $5 quarterly maintenance fee.
- Annual deposit restrictions may apply. Consult a tax professional for more information on your individual limits.
IRA Certificate
- An IRA Certificate works just like an ordinary Certificate of Deposit, while also providing tax benefits.
- An IRA Certificate offers a set rate of interest for a particular period of time. Certificates have an established minimum investment amount and a predetermined maturity period.
- Deposit a minimum of $500 for a Regular IRA Certificate and $10,000 for a Jumbo IRA Certificate.
- Dividends are paid quarterly for the length of the term.
- Annual deposit restrictions may apply. Consult a tax professional for more information on your individual limits.
Summit Credit Union is a full-service financial institution with eight branches throughout North Carolina.
Frequently Asked Questions
Your $5.00 on deposit in your savings account means you own one share of the Credit Union and are a part owner with full voting rights. Once you are a member/owner, you are eligible to take advantage of the other services available at the credit union. If your savings balance falls below the $5.00 requirement, you will need to make a deposit to bring the balance back to $5.00 to maintain your membership.
Our Christmas Club gives you a way to save money for end-of-year expenses. An account can be opened anytime during the yea and can be accessed October 1 each year. You are able to take a partial withdraw prior to October 1 with a $5 fee.
Free Checking
We help you avoid needless fees. Trust us for free checking with no strings attached.