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Money Market IRA

Grow Your Savings with the Flexibility of a Money Market IRA

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Maximize Your IRA Savings with a Money Market IRA

A Money Market IRA from People Driven Credit Union is an excellent choice for those looking to enhance their retirement savings with flexibility and competitive earnings. This account can be established under either a Traditional or Roth Individual Retirement Account (IRA), allowing you to choose the tax benefits that best suit your financial goals.

Designed for easy access, the Money Market IRA is ideal for making regular withdrawals or fulfilling required minimum distributions (RMDs). With a minimum balance requirement of $1,000, this account offers a tiered interest rate structure, rewarding you with our highest rate when you maintain a balance of $25,000 or more.

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.

Why Choose a Money Market IRA?

  • Flexibility: Ideal for retirees or those needing easy access to their funds.
  • Higher Earnings: Maximize your savings with competitive rates that increase with your balance.
  • Security: Know your investment is in a stable, insured account.

Money Market IRA Rates

Rates Effective as of: 12-21-2024
Minimum Deposit Dividend/Interest RateAPY²
$1,000 to $4,999 0.349% 0.35%
$5,000 to $24,9990.499%0.50%
$25,000 to $49,9991.094%1.10%

Frequently Asked Questions

A Money Market IRA is a retirement savings account that combines the benefits of a Money Market Account with the tax advantages of an Individual Retirement Account (IRA). It provides a flexible option for those who want to earn competitive interest while maintaining easy access to funds for regular withdrawals or required minimum distributions.
Yes, a Money Market IRA can be opened under either a Traditional or Roth IRA, allowing you to choose the tax structure that best meets your retirement needs.
To open a Money Market IRA with People Driven Credit Union, a minimum deposit of $1,000 is required.
Interest rates for a Money Market IRA are tiered, increasing as your balance grows. Our highest rate is available for accounts with a balance of $25,000 or more.
Yes, a Money Market IRA is well-suited for individuals who need to make regular withdrawals, such as RMDs, as it provides easy access to funds while continuing to earn interest.
Yes, you can access funds as needed. However, early withdrawals may be subject to taxes or penalties depending on your account type (Traditional or Roth) and how long you have held the funds.
To open a Money Market IRA, you’ll need to schedule an in-person appointment at one of our branch locations.
Yes, Money Market IRAs with 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.