Certificates & Individual Retirement Accounts (IRAs)

Savings Share Certificates

You can open a Regular Savings Share Certificate with a minimum balance of $1,000. Share Certificates are available with three months to 48 months. We also offer the Johnny Appleseed and Teen Advantage Share Certificates, which require a minimum opening balance of $500. Our Share Certificates can be used as investments for your Individual Retirement Accounts (IRA).

Features of our Savings Share Certificates include:

A fixed dividend for the term of the share certificate
Competitive dividend rates
Flexible terms

Please contact us if you have any questions about Savings Share Certificates.

Individual Retirement Accounts (IRA)*

Individual retirement accounts are a smart way to save for the future. MidSouth FCU offers an IRA Savings Account that pays a quarterly interest rate. A $50.00 contribution is required to open a IRA Savings Account.** Members can also choose to invest their IRA in a IRA certificate. A minimum of $1,000.00 is required to set up an IRA certificate.

Traditional IRA

A Traditional IRA can help you prepare for retirement and serve a number of other purposes.

Grow Your Nest Egg – Earnings and deductible contributions in a traditional IRA grow tax-deferred until withdrawal, which can begin at 59½ but must begin at age 70½.
First Home Purchase – You can withdraw up to $10,000 penalty-free towards the purchase of your first home.
Pay for College – Traditional IRA funds used to pay for qualified educational expenses can be withdrawn penalty free. There is no dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution.
Assist with Medical Expenses – Funds to pay for certain medical expenses can be withdrawn from your traditional IRA without paying a 10% early distribution tax.

You may be able to contribute up to:

$5,000 for 2008

For members age 50 and older, you may be able to contribute up to:

$6,000 for 2008

Contributions cannot exceed compensation.

For information on opening an IRA account please contact a Member Service Officer at 1-800-736-8407.

To view current rates click here.

Roth IRA

A Roth IRA can help you prepare for retirement and serve a number of other purposes.

Preparing for Retirement – Roth IRAs serve as a great retirement tool because qualified withdrawals, including earnings, are tax-free.
First Home Purchase – If you’ve had your Roth IRA for at least five years, you can use $10,000 towards the purchase of your first home tax- and penalty-free.
Leave Funds to your Heirs – There are no mandatory withdrawals, so you could leave money from your Roth IRA to your heirs tax-free.
Pay for College – Qualified educational expenses are penalty free. There is no dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution.
Rainy Day Fund – You have access to your regular contributions tax- and penalty-free at any time for any reason.