IRAs

Traditional IRA

Traditional IRAs offers the best of both worlds: worry-free saving for retirement with tax-deferred earnings – plus possibly tax-deductible contributions to lighten the tax burden year after year from now until retirement.

A Traditional IRA allows you to sit back and relax, knowing your retirement earnings are 100% free from federal income tax until you take distributions.

  • Contributions may be tax deductible
  • Higher contribution limits for members over age 50
  • Withdrawals must begin at age 72 (may qualify for lower tax bracket)
  • Funds not taxed until withdrawn
  • Choice of term certificates for investment
  • IRA balances 100% insured

The Traditional IRA and Roth IRA are safe ways to plan for your future. See below for more information on our Roth IRA.

Please feel free to contact us at 781-905-1500 or via email for additional information.

Roth IRA

A Roth IRA can make your retirement much easier. The money that you put into a Roth IRA today comes back to you tax-free at retirement, along with the tax-free interest your money earns while it’s in there.

You can withdraw funds from your IRA at any time although if certain guidelines are not met there could be taxes and/or penalties associated with the withdrawal.  Or, you can leave the money in and let your account grow, or even pass it onto your heirs.

  • Contributions are not tax deductible
  • Qualifying distributions may be withdrawn tax-free
  • Withdrawals are not required
  • Choice of certificates for investment
  • Balances 100% insured

Flexibility plus tax-free earnings make the Roth IRA a great choice for retirement.

Please feel free to contact us at 781-905-1500 or via email for additional information.

Educational Savings Account

A Coverdell Education Savings Account or ESA can help you finance your children’s educational needs by providing a higher contribution limit and less restrictive rules making it easier for you to save. ESAs are not only a way to save for college but can also be used to pay educational expenses incurred at a public or private kindergarten, elementary and secondary school.

You may also contribute to an ESA for a designated beneficiary. There is no requirement that there be a family relationship between the contributor and designated beneficiary.

  • Contributions are not tax deductible
  • Qualifying withdrawals are not taxed
  • Withdrawals may be used to pay for the child’s educational expenses such as tuition, fees, books, supplies equipment or room and board at an eligible school or college.

For more information, contact us at 781-905-1500 and speak to a Members Services Representative.

Certificates of Deposit and IRAs

Name Term (in months) APY* Dividend Rate Minimum Deposit
3 month CD 3 4.59% 4.49% $500
6 month CD 6 4.30% 4.21% $500
7 month CD 7 4.19% 4.10% $500
9 month CD 9 3.95% 3.87% $500
11 month CD 11 3.80% 3.73% $500
12 month CD 12 3.70% 3.63% $500
12 Month CD** 12 7.00% 6.77% $500
13 month CD 13 3.65% 3.59% $500
15 month CD 15 3.60% 3.54% $500
18 month CD 18 3.55% 3.49% $500
2 year CD 24 3.40% 3.34% $500
3 year CD 36 3.30% 3.25% $500
4 year CD 48 3.35% 3.30% $500
5 year CD 60 3.35% 3.30% $500
*APY = Annual Percentage Yield. Rates effective September 20, 2024 and subject to change without notice. The APY is based on the assumption that dividends will remain on deposit until maturity and that a withdrawal or fee will reduce earnings. $500.00 minimum deposit required to open an MPCU certificate. Certificates are fixed-rate accounts and will remain in effect until maturity. Fees that may be applicable to deposit accounts can be found on the fee schedule. In the case of CD or IRA, penalty may apply for early withdrawal. NCUA insures up to $250,000; MSIC insures all excess shares and deposits above the federal insurance limit of $250,000.  
** APY = Annual Percentage Yield.  The APY is effective as of 10/07/2024. Limited-time offer. For existing members, $500.00 minimum deposit required to open a Lucky 7 Certificate of Deposit (CD) (up to maximum balance $5,000.00) which must be new money. Existing members must use promo code LUCKY7CD for accounts opened online. For new members, the minimum deposit to open is $500.00 (up to a maximum balance of $5,000.00) which must be new money. New money is considered any funds deposited at MPCU for the first time or not previously on deposit at MPCU within the last 30 calendar days. Re-occurring direct deposits or other ACH deposits do not qualify as new money. A minimum average monthly balance of at least $2,500.00 in a share and/or checking account combined is required to earn the stated APY. If your minimum average monthly balance falls below $2,500, then the APY will automatically change to the lower 12 Month CD APY. The APY is based on the assumption that dividends will remain on deposit until maturity and that a withdrawal or fee will reduce earnings. CDs and Individual Retirement Accounts (IRAs) are fixed-rate accounts and will remain in effect until maturity. Fees that may be applicable to deposit accounts can be found on the fee schedule.  In the case of CD or IRA, early withdrawal penalties may be imposed. Advertised terms and APY are available for a limited time only and may be withdrawn without notice. Interest compounded daily and paid monthly. NCUA insures up to $250,000; MSIC insures all excess shares and deposits above the federal insurance limit of $250,000.   Must be a member of MPCU or establish membership with $5.00 in a Savings Account. Limited to one (1) Lucky 7% CD per member.
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