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Pearl Hawaii Credit Union
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Pearl Hawaii Credit Union
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Individual Retirement Plans (IRA)

Your future starts today

Saving now means succeeding later. Check out all of our account options.

  • Stay ahead of the game

    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 0.65%
    2 Year-IRA Certificate (Traditional, Roth, Coverdell Education Savings Account)$1,000 0.50%
    20 Month - IRA Certificate (Traditional, Roth, Coverdell Education Savings Account)$10001.25%**
    1 Year-IRA Certificate (Traditional, Roth, Coverdell Education Savings Account)$1,000 0.45%
    IRA Savings Account (Traditional, Roth, Coverdell Education Savings Account)$0.010.20%

    *Annual Percentage Yield. Rates are subject to change without prior notice. Rates and terms effective August 24, 2020. Fees could reduce the earnings on the account. Penalty for early withdrawal.

    ***APY = Annual Percentage Yield. Limit one Special 20-Month Certificate per member. This offer, including the stated Annual Percentage Yield (APY), is effective September 1, 2022. Promotion and offer may end or change at any time. Promotion is applicable to Pearl Hawaii Certificates and IRA Certificates. The minimum balance is $1000; no maximum balance. Deposits and withdrawals are subject to a seven-calendar-day period. Penalties apply for early withdrawals. Other restrictions may apply. Certificates will automatically renew after the first 20-month term unless the member submits a written notification. Thereafter, certificate will automatically renew to a 12 month term. Member's loans and accouts must be current. Dividends will be compounded and credited monthly. Federally insured by NCUA.

  • 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 year (Roth, Coverdell, Traditional); 2, or 3 years (Traditional) -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 $6,000 if you are under 50, or $7,000 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 70.5, 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.

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.