CDs / IRAs
- Certificates of Deposit
- Traditional IRA
- Roth IRA
- Simplified Employee Pension
- Coverdell Education Savings
CERTIFICATES OF DEPOSIT
We offer Certificates of Deposit for terms ranging from 91 days to 60 months. Pick the length of time that best suits your savings goal and we'll quote you the current annual percentage yield (APY). Since you'll be earning a guaranteed rate of return on an account that's FDIC-insured up to $250,000, you can relax. You know exactly what you will have at maturity guaranteed and worry-free. (A penalty may be imposed for early withdrawal of certificates.) Minimum requirement to open $1,000.
(WCF Financial Bank will generally not accept out of state deposits to CDs.)
Contact your local WCF Bank today to learn more about our current deposit rates.
Traditional Individual Retirement Account (IRA)
- Available to individual wage earners under the age of 70½
- Make contributions for 2014 up to $5,500 or 100% of earned incomes annually (whichever is less)
- "Catch Up Contributions" of $1,000 available for individuals age 50 or over who have earned income and have not reached age 70½
- Earnings grow tax free until they are withdrawn at retirement. If you qualify, enjoy the added benefit of current tax savings through full or partial tax deductibility of your contributions
Roth Individual Retirement Account (IRA)
- Available to all wage earners, regardless of age.
- Make contributions for 2018 up to $5,500 or 100% of earned income annually (whichever is less)
- Catch Up Contributions of $1,000 available for individuals age 50 or over who have earned income and have not reached age 70½
- Earnings grow tax free until they are withdrawn. Unlike a traditional IRA, distributions are not required to begin at age 70½
- Principal may be withdrawn without tax penalty or income tax.
- Earnings can be withdrawn tax free if the account is open 5 years and you meet a qualifying reason for disbursement (i.e. age 59½, disability, death, etc.)
Simplified Employee Pension (SEP)
- Available for businesses, including sole proprietorships, partnerships, and corporations.
- Employer contributions made to both the employer and the employees. IRAs are deductible to the employer.
Coverdell Education Savings (Formerly Education IRA)
- Available to anyone for the purpose of saving for post-secondary education expenses for a beneficiary. More than one person may contribute for the same beneficiary as long as the total does not exceed the limits.
- Contributions of up to $2,000 per beneficiary, dependent on income of the contributor(s) per guidelines until the year the beneficiary reaches age 18.
- Tax free distributions if used for post-secondary education expenses (according to IRS guidelines) by required age limit.
Deposit Tax Deferred Plan funds in your choice of WCF Financial Bank's FDIC-insured Certificates of Deposit or Savings Accounts.