Here are the simplest options for opening a IRA certificate account:

• Transfer your existing IRA to Suncoast Credit Union
• Directly rollover funds from a retirement plan, such as a 401(k)

For share certificates, APY stands for annual percentage yield. It indicates how much you will earn on deposits over a year. So, it’s similar to an APR (annual percentage rate) on a loan, but you earn money instead of owe money!

IRA certificates are offered for a set time period, called a term. When you choose an IRA certificate, you keep your money in the account for the entire time period or you may be penalized.

IRA certificates may require a specific initial deposit and a minimum balance, and longer terms tend to have higher dividend rates.

The penalty amount is based on the term of the certificate. For terms of 6 and 12 months, the penalty is typically 90 days of dividends. For terms of 18 months or greater, the penalty is typically 180 days of dividends.

Penalties are only assessed on the amount withdrawn. If the withdrawn amount is below the required minimum balance, the IRA certificate must be closed.

Yes! You will receive a secure message in SunNet and/or get a maturation notification in the mail.

No, you cannot add additional funds to an established certificate. However, you can always open a new certificate online or in person with terms and rates that work for you.