Individual Retirement Accounts

Traditional IRA
Gulf Coast Federal Credit Union offers an IRA share account that pays a monthly dividend rate. Certificates are also available in terms from 12 to 36 months. A minimum of $500 is required to set up a share certificate and $100 for an IRA share account.

Individual retirement accounts are a smart way to save for the future. A traditional IRA can be opened and funded without any employer participation. Contributions and/or earnings are tax-deferred until retirement. Unlike many employer plans, money in the account is always accessible; however, until age 59½ there is a 10% early distribution penalty unless you qualify for an exemption due to one of the following: disability, qualifying education expenses, unemployment, qualifying first-home purchases, death, or receipt of your IRA assets in equal payments over your life expectancy.


Roth IRA
Roth IRAs differ from Traditional IRAs in that the money you contribute to a Roth IRA has already been taxed, so the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines. This retirement plan allows the money you contribute to grow tax-deferred. And unlike the Traditional IRA, there is no 70½ age limit on making contributions.

If you do not withdraw any of the earnings until you have had the plan for at least five years, or satisfy one of the qualifying events, those tax-deferred earnings become tax-free.


Coverdell IRA
Are you ready to start planning for your child’s future? There is no time like the present! And the perfect way to start is with a Coverdell Education Savings Account (ESA) from Gulf Coast FCU.

The ESA allows after-tax contributions of $2K per year for each child until they reach 18 years of age. Contributions and earnings are tax free when withdrawn to pay for qualified education expenses which include tuition, fees, books, supplies and equipment.


Features of our Individual Retirement Accounts (IRA)

  • Traditional, Roth and Coverdell IRA's.
  • $100.00 initial minimum deposit required.
  • Tax deferred savings.
  • No front end charges.
  • No service charge.
  • Dividend paid monthly.


To view current rates click here or click here for the retirement calculator.

*The Credit Union provides no legal advice to members, and provides the foregoing information from a reliable resource to give our members a basic understanding of these services. You should consult with your tax or legal advisor regarding any particular and the current status of applicable federal and state laws.