Stay Ahead With An IRA
These tax-advantaged savings accounts can help you eventually settle down in style. We offer several different options so you can pick the one that’s right for you. Save up for retirement with an IRA or get a head start on school expenses with a Coverdell ESA.
- Roth IRAs
- Traditional IRAs
- IRA Certificates
- Coverdell Education Savings Accounts
IRAs
| Type | Minimum Balance | APY* |
|---|---|---|
| 3 Year-IRA Certificate (Traditional, Roth, Coverdell Education Savings Account) | $1,000 | 3.00% |
| 2 Year-IRA Certificate (Traditional, Roth, Coverdell Education Savings Account) | $1,000 | 2.00% |
| 1 Year-IRA Certificate (Traditional, Roth, Coverdell Education Savings Account) | $1,000 | 1.25% |
| 8 Month - IRA Certificate (Traditional, Roth, Coverdell Education Savings Account) | $1,000 | 4.00% |
| IRA Savings Account (Traditional, Roth, Coverdell Education Savings Account) | $5.00 | 0.20% |
*Annual Percentage Yield. Rates are subject to change without prior notice. Rates and terms effective 8/5/24. Fees could reduce the earnings on the account. Penalty for early withdrawal. Federally insured by NCUA.
Save even more with a certificate
With an IRA Certificate, you can earn an even higher savings rate, just by committing to leave your money untouched. Just contact us to open your account.
Upgrade You At Pearl Hawaii
From the finest service to the latest tech, we’ve got your back in every possible way. At Pearl Hawaii, we are committed to providing you the most innovative products and services. From home or car loans and helping you with other banking services. Bank at any of our Oahu locations in Waipahu, Ewa Beach, Waianae, Honolulu, Pearl Harbor, or near the Airport. Additionally, you can bank using PHFCUOnline just like one of our branches. To contact us, call us at 808.737.4328, toll-free at 800.987.5583, or email us at MyFamily@phfcu.com.
ABOUT | COMMUNITIES | FAQs | JOIN | JOBS
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A | Yes, you can. Moving funds from another qualifying plan to a PHFCU IRA is simple and may be processed as a transfer or rollover. Consult a tax adviser to help decide which is best for you.A | Here are some of the key features: -Dividends are paid monthly and calculated daily -The minimum opening deposit is $1,000 -Terms available: 1, 2, or 3 years -Dividends earned are tax-deferred -Contributions may be tax deductible You have seven calendar days following maturity to withdraw funds or change certificate term. Otherwise, it automatically renews for the same term at the current rate.A | Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. -The beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses at an eligible institution. -This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education expenses. -May be used for qualified education expenses, such as tuition and fees, required books, supplies and equipment and qualified expenses for room and board. -The Hope and lifetime learning credits can be claimed in the same year the beneficiary takes a tax-free distribution from a Coverdell ESA, as long as the same expenses are not used for both benefits.A | Currently, you can contribute $6,500 if you are under 50, or $7,500 if you are 50 years or older. Coverdell is $2000 per year.Q | Yes. For IRAs, most withdrawals before age 59.5 will result in IRS penalties.A| A Traditional IRA lets you defer your taxes until you withdraw in retirement. Basically, this means you can shrink the total taxes you pay now. You must start withdrawing by age 73, at which time you'll need to pay taxes on your withdrawals. With a Roth IRA, you need to pay taxes up front. However, you won't have to pay taxes on your withdrawals in retirement, and there is no requirement for when you must start making withdrawals.