About CCFCU Membership Community Support Newsletter Careers Savings Accounts Checking Accounts Kids & Teen Accounts College Accounts Certificates and IRAs Auto Loans Real Estate Loans Personal Loans VISA Credit Cards VISA Debit Cards Other Services Savings Rates Certificate/IRA Rates Auto Loan Rates Real Estate Loan Rates Personal Loan Rates Fees Online Banking Online Bill Payment Automobile Inventory Research a Vehicle Calculators Forms & Applications Check Reorder FAQs Online Tax Filing Site Map Branch Locations ATM Locations FAQs Contact Us Certificates and IRAs View Rates Term Share Certificates New SelectOne Share Certificates In a rising Interest rate environment, locking into a long-term fixed rate investment can be a troubling task. That's why Central Coast Federal Credit Union has introduced SelectOne. SelectOne allows you to get great long-term rates without the risk of missing out on a higher dividend rate. During the term, the SelectOne account features an option that allows you make a one-time adjustment your dividend rate if a higher prevailing rate exists. Additionally, the SelectOne certificate allows you to add funds to the certificate at any time during the term. Flexibility and peace of mind is the key to this extraordinary new product. Our Term Certificates are Central Coast Federal Credit Union's most popular savings product. Term Certificates ("Certificates of Deposit" at other financial institutions) are available at either $1,000.00 or $5,000.00 minimum starting balances. The terms for our $1,000.00 minimum certificates are 3 months and 1 year. The terms for our $5,000.00 minimum certificates are 6 months, 7 months, 24 months and 36 months. We have many options on our term certificates - automatic renewals, dividend payment options (monthly, quarterly, at maturity payouts), and so on. Our rates are traditionally among the highest in the Monterey County area ... There are penalties for early withdrawals on all term certificate accounts-please view our Truth in Savings Account Disclosure for penalty information (requires Adobe Acrobat Reader). Individual Retirement Accounts (IRAs) An Individual Retirement Account at Central Coast Federal Credit Union is a safe, secure way for you to save for your retirement years. Our dividend rates have traditionally been the highest in the Monterey County area for federally-insured IRA's. We offer Traditional (tax-deferred), Roth and Coverdell ESA (Education Savings Account). Dividends are paid quarterly on average share balances of $100.01 or more. Quarterly statements are issued on IRA's. The chart below is a guide to help you decide which is the best IRA for you, but we strongly suggest you consult with your tax or investment advisor before opening an IRA ... Answers to Your Questions Traditional IRA Roth IRA Coverdell ESA Education Savings Account What is the Maximum Yearly Contribution? Will increase to $5000 by 2008 2002-2004: $3000 2005-2007: $4000 Indexed for inflation beginning in 2009 Will increase to $5000 by 2008 2002-2004: $3000 2005-2007: $4000 Indexed for inflation beginning in 2009 $2000 per year per child (until age 18) Are Contributions Tax Deductible? Yes No No Are Dividend Earnings Taxed? Yes, upon withdrawal No No Are there Contribution Restrictions? Yes, deductible contributions limited to AGI* of $32,000-$42,0000 for singles or $52,000-$62,000 for joint filers to 4/15/2001. After this date the AGI maximum is $33,000-$43,000 for singles and $53,000-$63,000 for joint filers. Yes, $95,000 for singles and $150,000 for joint filers. Above this AGI, phase-out begins and reaches a ceiling at $110,000 for singles or $160,000 for joint filers. Yes, AGI of contributor must be less than $95,000 for singles, less than $190,000 for married couples. Are there Penalties for Early Withdrawal? None if: Over age 59-1/2, First time home purchase (up to $10,000), Higher education expenses, or Health/disability emergency. None if: Over age 59-1/2, First time home purchase, or health/disability emergency (money must be in the account for a 5-year minimum in all cases). Not applicable. Any Restrictions if I have an Employer Retirement Plan? No (spouse may now participate in an employer sponsored plan with no impact on the eligibility of the non-working spouse). No No Are Contributions Permitted Past Age 70-1/2? No Yes Yes (but the funds must be withdrawn or rolled over by the time the beneficiary reaches age 30 or be transferred to another beneficiary). *AGI= Adjusted Gross Income. Note: While every effort has been made to ensure the accuracy of this information, some areas are subject to change based on regulatory interpretation or additional congressional action. Products & Services   « Savings Accounts   « Checking Accounts   « Courtesy Pay   « Kids & Teen Accounts   « College Accounts   « Certificates and IRAs   « Auto Loans   « Real Estate Loans   « Personal Loans   « VISA Credit Cards   « VISA Debit Cards   « Other Services Quick Links   « Online Bill Payment   « Home Equity Lines of Credit   « Automobile Inventory   « Apply For a Loan   « Apply For a Mortgage Loan   © 2008 • Central Coast Federal Credit Union • Privacy Statement • Web Site Disclosure home | about us | products & services | rates | online tools | contact