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IRA Variable Rate Savings Account

Grow Your Retirement with a Variable Rate IRA Savings Account

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Start Small, Save Big with an IRA Variable Rate Savings Account

The IRA Variable Rate Savings Account at People Driven Credit Union offers a flexible way to build your retirement savings while earning a steady return. With options for Traditional, Roth, and Educational IRAs, this account is tailored to meet diverse financial goals. Ideal for savers looking to make steady contributions with easy access, our IRA Variable Rate Savings Account provides the flexibility to adjust your deposits while planning for a secure future.

Ready to open an account? Schedule an in-person appointment at any of our branch locations to get started. Secure your retirement savings with a blend of flexibility, growth, and security tailored to fit your needs.

Features

  • Low Minimum Balance: Start saving with as little as $100.
  • Earn Interest: Enjoy a 0.35% Annual Percentage Yield (APY) to help your savings grow.
  • Choose Your IRA Type: Depending on your retirement needs, you can choose from Traditional, Roth, or Educational IRAs to take advantage of tax-deferred or tax-free growth.

IRA Variable Rate Savings Account Rates

Rates Effective as of: 12-21-2024
Minimum Deposit Dividend/Interest Rate APY²
Traditional$1000.350%0.35%
Roth$1000.350%0.35%
Educational$1000.350%0.35%

Frequently Asked Questions

An IRA Variable Rate Savings Account is a retirement savings option that offers tax-advantaged growth with a flexible, variable interest rate. This account can be opened as a Traditional, Roth, or Educational IRA, depending on your tax and savings goals.
The interest rate for a Variable Rate IRA Savings Account is variable, meaning it can change over time based on market conditions. Currently, the Annual Percentage Yield (APY) for this account is 0.35%.
You can open an IRA Variable Rate Savings Account with a minimum balance of $100.
Yes, this account is well-suited for those who plan to make regular contributions, as it allows flexible deposits while maintaining tax advantages.
Yes, withdrawals are allowed, but they may be subject to taxes and potential penalties depending on your account type (Traditional, Roth, or Educational IRA) and when you withdraw the funds.
Tax advantages vary by IRA type:
  • Traditional IRA: Contributions may be tax-deductible, and earnings grow tax-deferred until withdrawal.
  • Roth IRA: Contributions are made with after-tax dollars, and earnings can be withdrawn tax-free in retirement.
  • Educational IRA: Earnings grow tax-free if used for qualifying educational expenses.
Yes, IRA Variable Rate Savings Accounts at People Driven Credit Union are federally insured to at least $250,000 by the NCUA and backed by the full faith and credit of the United States Government.

Disclosures

²APY=Annual Percentage Yield

For more details about IRAs, please ask the credit union for a brochure, or visit the Internal Revenue Service. People Driven Credit Union savings are Federally insured to at least $250,000 by the NCUA and backed by the full faith and credit of the United States Government. Rates effective as of today and may change at any time. Penalties apply for early withdrawal. View our Privacy Policy and read our disclaimer regarding links to other sites.

Membership Requirement:

All accounts and loans require membership at People Driven Credit Union. Membership is available to individuals who live, work, worship, or attend school in the State of Michigan, as well as relatives of current members. To complete an application for any account or loan, you will need the following information:
  • A valid Driver's License, State ID, or Passport with your current address
  • Your Social Security Number
A Membership Share Savings Account is required to establish membership at People Driven Credit Union. Your $5 deposit into this account secures your share in the credit union, giving you access to our full range of services and benefits. The Annual Percentage Yield (APY) for this account is 0.01%, and the minimum deposit is $5.00.