Certificates of Deposit and IRA Accounts
Whether you're looking for short-term savings or preparing for retirement, Texell has you covered with Certificates of Deposit (CDs) and Individual Retirement Arrangements (IRAs) that will keep you on track. Your next goal is within reach!
Certificates of Deposit
Give yourself peace of mind knowing you're planning for your future and the confidence that you're getting among the best rates available. Open an account today and lock in the best rate on the term you choose, from six months to five years.
Features:
- Certificates traditionally earn more than traditional savings accounts
- In general, longer-term certificates pay higher rates
- Deposit your dividends to any Texell account
- Available for retirement accounts (IRAs and Roth IRAs)
- Accounts insured up to $500,000
Additional details:
- Monthly Service Fee: $0
- Minimum to open: $1,000
- Minimum to earn dividends: $1,000
- Dividends paid: Quarterly with options to deposit back into the account or transfer to another Texell account
- Accounts are subject to penalty for early withdrawal, and terms renew automatically.
| Term | Prospective Annual Percentage Yield | Minimum to Open | Minimum Daily Balance to Earn Dividends¹ | Minimum to Avoid Service Charge² |
|---|---|---|---|---|
| 6-month² | 0.35% | $1,000 | $1,000 | $0 |
| 12-month² | 0.60% | $1,000 | $1,000 | $0 |
| 18-month² | 0.60% | $1,000 | $1,000 | $0 |
| 24-month² | 0.80% | $1,000 | $1,000 | $0 |
| 36-month² | 1.00% | $1,000 | $1,000 | $0 |
| 48-month² | 1.05% | $1,000 | $1,000 | $0 |
| 60-month² | 1.05% | $1,000 | $1,000 | $0 |
1 You must maintain the disclosed minimum daily balance in your account to obtain the disclosed Annual Percentage Yield. You will not earn dividends on any day your account balance is below the required minimum daily balance.² Stated rate also applies to IRA Term Share Certificates. Penalty for early withdrawal.
IRAs
Whether retirement is on your mind or still many years away, our financial experts can help you find the right options to secure your future. We offer both Traditional and Roth Individual Retirement Arrangements (IRAs) with the following features:
- Competitive dividend rates on IRA Savings Accounts and IRA Certificates of Deposit
- No setup or maintenance fees
- Open an IRA Savings Account with a minimum $5 deposit
- Open an IRA Certificate of Deposit with 1,000 or more
- Qualified individuals may deposit up to $6,000 annually, or $7,000 annually for individuals 50 years or older
- Insured up to $500,0003
Frequently Asked Questions:
How much money do I need to open a CD or IRA?
Certificates of Deposit require a $1,000 minimum opening deposit. You can open an IRA Savings Accounts for as little as $5.
Are the funds in my CD and IRA accounts insured?
Yes, like a savings account, funds in CDs and IRAs are insured. Texell provides extra insurance to members, insuring your combined deposits up to $500,000.3
Are the dividends I earn on my CDs taxable income?
Yes, dividends earned on Certificates of Deposits will be reported as interest income on your 1099.
Is there a penalty for withdrawing my CD funds before the maturity date?
Yes, Texell will impose an early withdrawal penalty if you withdraw funds before maturity. The early withdrawal penalty will vary based on your certificate's term. Please refer to your Consumer Account Agreement for detailed information.
1 You must maintain the disclosed minimum daily balance in your account to obtain the disclosed Annual Percentage Yield. You will not earn dividends on any day your account balance is below the required minimum daily balance.
2 Stated rate also applies to IRA Term Share Certificates. Penalty for early withdrawal.
3 Deposits insured up to $500,000 through a combination of coverage provided by NCUA and private insurance provided by ESI.
You may also be interested in…
Decoding Your Magic Number to Retire
Before you can evaluate if you’re going to have enough money at retirement, you first need to estimate what that figure is for your situation.
What Is a CD Ladder?
A CD ladder is a savings strategy where you stagger your certificate terms to reinvest in long-term certificates. Learn how and why it's done.
Roth and Traditional IRAs
Both traditional and Roth IRAs are good retirement savings options. Each has key differences to consider when determining the best option for you.