Turn your savings in to earnings.
An IRA (Individual Retirement Account) Money Market account is a high-interest, tax-advantaged account designed to help grow your retirement savings. The IRA Money Market is a competitive retirement savings option to make your retirement savings go farther. This account offers secure, guaranteed returns – no need to worry about what's happening with the market.
IRA Money Market accounts are available for both Traditional and Roth IRA plans.
- Anyone under 70½ with eligible compensation
- You can establish a Traditional IRA even if you're covered by another retirement plan
- Contributions are not allowed after age 70½
- Money grows tax-deferred until withdrawal
- Withdrawals required to begin at age 70½
- Save money on a tax-free basis
- Contributions are not deductible
- Contributions allowed after age 70½, provided you have earned income
- Earnings grow tax-free and withdrawal of earnings are tax-free
- Tax-free withdrawals can be made after having the account for 5 years; there may be a penalty if withdrawing before age 59½
Learn more about Traditional IRAs in our IRA Service Center.
An IRA Money Market account is designed for those who want to maximize the return on their retirement savings. With no minimum balance to open and no monthly maintenance fee, begin earning with $100 and continue to grow your savings. As your balance increases, so will your return.
Your GECU IRA Money Market account is federally insured separately from other GECU savings accounts by the National Credit Union Administration (NCUA) for up to $250,000.
IRA Money Market Account Features:
- No minimum balance requirements. Open your account and start earning dividends with as little as $100.
- No monthly maintenance fees. Receive a competitive, industry-leading rate with no monthly fees.
- Tiered dividends. With three rate tiers, the greater your balance, the better your return.
- 24/7 account access. Easily manage your accounts through Online Banking or our mobile app.
- Tax Savings. Get the tax advantages of a Traditional or Roth IRA.1
|$100 - $4,999.99||.14%||.15%|
|$5,000 - $24,999.99||.29%||.30%|
To open an IRA Money Market account, visit your local branch.
1General Electric Credit Union does not provide tax advice. Please consult your tax advisor for actual advantages and any potential tax implications before establishing or making contributions to an IRA.
2IRA Money Market Account: There is no minimum balance requirement to open this account. To earn dividends, you must maintain a minimum balance of $100. Dividend rates are based on the account balance and account tier. The tiers are as follows: Tier 1 daily balance up to $99.99, Tier 2: $100.00-$4,999.99; Tier 3: $5,000.00-$24,999.99; Tier 4: $25,000.00 or more. We use the daily balance method to calculate the dividend on your account. Funding must be received within 30 calendar days of account opening. Dividends begin to accrue no later than the business day we receive the deposit to your account. Rates earned are based on balances, calculated daily, and compounded to the account quarterly. During any calendar month, you may not exceed six (6) withdrawals or transfers to your other Credit Union accounts or to a third party by means of an Online Banking/Mobile Banking transfer or other pre-authorized electronic funds transfer, automatic transfer, overdraft protection transfer, over the phone request, request transmitted via facsimile machine, or transfer initiated through our audio response service. Fees may reduce earnings. Full details of this Account Disclosure.
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