IRA's

Traditional IRA
Savannah Schools FCU offers a share savings IRA that pays the same quarterly interest rate as share savings accounts. 90 days up to five years certificates are also available. A minimum of $1,000.00 is required to set up an IRA share certificate.

Individual retirement accounts are a smart way to save for the future. A traditional IRA can be opened and funded without any employer participation. Contributions and/or earnings are tax-deferred until retirement. Unlike many employer plans, money in the account is always accessible; however, until age 59 1/2 there is a 10 percent early distribution penalty. Some exceptions do apply, check with your tax advisor for more information.

Roth IRA
Roth IRAs differ from Traditional IRAs in that the money you contribute to a Roth IRA has already been taxed. So the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines. This retirement plan allows the money you contribute to grow tax-deferred.

If you do not withdraw any of the earnings until you have had the plan for at least five years, or satisfy one of the qualifying events, those tax-deferred earnings become tax-free. Unlike the traditional IRA, there is no 70 1/2 age limit on making contributions.

Coverdell Education Savings Account
Coverdell Education savings account can be used to fund a child's education. An educational IRA can be opened for any child under the age of 18. The child is the account beneficiary. Like the Roth IRA, contributions to the account are not tax deductible but earnings accumulate tax free. Withdrawals from Educational IRAs can be used to pay for tuition, books, supplies and room and board (for fulltime students).
 
If a child does not attend college, the money must be withdrawn by the time he or she turns 30. Those earnings are subject to income tax and the 10% penalty. The Coverdell Education savings account can also be rolled over without penalty to another member of the family.

For more information on IRAs please contact the Member Services Department at the nearest branch office.

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Holiday Schedule

The offices will also be closed for the following holidays:   St. Patrick's Day, Friday, March 17th.  Good Friday, April 14th .  Memorial Day, Monday May 29th, Independence Day, Tuesday July 4th, Labor Day, Monday September 4th, Columbus Day, Monday Oct. 9th, Veteran's Day, Friday Nov. 10th, Thanksgiving Thursday Nov. 23rd and Friday Nov. 24th.  Christmas Holiday, Monday Dec. 25th, New Years, Monday Jan 1st, 2018 

SSFCU Tips & News

  • Shared Service Centers
    Your credit union is always close at hand! Visit the Shared Branch locator: co-opsharedbranch.org  to find a location near you!

  • GO GREEN - BillPayer IS HERE for Online Banking!
    Save Postage, Save Check Writing, Save Trees, Call us to enroll. 1) we set you up, 2) you set up your individual "bills" then, 3) GO! (You must be enrolled in OnLine Banking)
  • Your Online Security
    Beware of Phishing, Vishing, SmSishing, etc. We will never contact you (phone or Email) to ask for your Account #, Social Security #, or Password. Think about it - we already have that info, except your password, of course!
  • Family Friendly
    Your immediate family members are eligible to join SSFCU as members. Includes your spouse, brothers, sisters, children, or grandchildren. If they're good enough for you, they're good enough for us!

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