This IRA program is gaining popularity because the account allows all earnings to grow tax-free in this account and there is no age that you must start distributions from this account. This IRA is not tax-deductible; however, it does offer some true advantages over a Traditional IRA program. One of the benefits for some is the provision for "qualified distributions". A qualified distribution from a Roth IRA means the account must have been opened for at least 5 years and you are either older than 59 1/2; disabled, or a first time home buyer ($10,000 lifetime withdrawal limit). Another benefit of the new Roth IRA is that there is no required distribution, so if you don’t need the funds you do not need to take any withdrawals from the program.

This IRA account allows you to save for upcoming educational expenses for your children. The maximum that can be deposited into an Educational IRA per child from all sources is $2000 annually. The contribution is not tax-deductible. Instead, earnings grow tax-free and you pay no taxes or penalties on the money withdrawn to pay for qualified higher education expenses, such as tuition, and fees, before the child reaches age 30.

Because these accounts have many different features and the deposits are based on your personal tax situation, please consult your accountant or tax adviser before making any decisions.

Members interested in an investment account can take advantage of a variety of competitive-yield certificates. Generally, a Union Trades FCU certificate always earns you more than a regular savings account, because you deposit a specified amount for an established period of time.

Union Trades FCU Certificates can be tailored to fit your financial needs, with terms as short as 6 months up to 3 years to lock in high earnings. The dividend rates are usually higher than bank CDs and our minimum deposit is only $500.

Investing in certificates is a safe, simple way to earn a competitive rate on your money:

• Invest short-term for maximum liquidity, or long term for the highest possible rate of return
• Certificate maturities vary from 6 months to 3 years.
• Minimum deposit of $500.00 is required.
• 90 days interest penalty for early withdrawal on 6 month CD's.
• 180 days interest penalty for early withdrawal on CD's whose terms are over 6 months.

The credit union will give the owner(s) at least 10 days' notice prior to maturity. The notice will inform the owner(s) of the terms, in any, under which the credit union proposes to renew the certificate. If the certificate is not renewed at maturity the credit union will transfer all certificate funds to the regular share account of owner(s) or pay all certificate funds directly to owner(s).

Like all deposit accounts at Union Trades FCU, Certificates of Deposit (CD's) are insured by the National Credit Union Administration (NCUA), an agency of the U.S. Government, up to $250,000.