Individual Retirement Accounts (IRAs) are designed to help you save for life after retirement. At Gulf Coast Educators FCU, we offer a variety of options, which are listed below.

  • Traditional IRA – Tax deductible investment that you can benefit from after you reach the age of 59 1/2
  • Roth IRA – No upfront tax deductions; distributions are tax-free when you follow the rules.
  • Educational (Coverdell ESA) IRA – Withdraw funds, tax-free, when it’s time to pay for college.


Minimum Opening Balance: $100

Minimum balance to earn dividends: $500

Deposits & Withdrawals: Deposits and withdrawals are permitted according to IRS regulations and subject to IRS penalties. Early withdrawal penalties do not apply to withdrawals made after the death of any owner of the account.


IRA & Health Savings Accounts (Traditional, Roth, & Education IRAs) as of 02/01/2016

$500 - $4,9990.40%0.40%$100 for all IRA types. No minimum to open HSA$500 for all types
$5,000 - $9,9990.50%0.50%
$10,000 - up0.60%0.60%

Dividends compounded monthly
Dividends credited monthly
Dividend Period is monthly
Balance Method is daily

Truth in Savings Account Disclosures

Except as specifically described, the following disclosures apply to all of the accounts.

  1. Rate information. The Dividend Rate and Annual Percentage Yield on your accounts are set forth above. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and the frequency of compounding for an annual period. The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union’s Board of Directors. A withdrawal will reduce earnings.
  2. Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves. The Dividend Rates and Annual Percentage Yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
  3. Compounding and Crediting. Dividends will be compounded and credited as set forth above. The Dividend Period for each account is set forth above. The Dividend Period begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.
  4. Balance information. The minimum balance required to open each account is set forth above. Dividends are Calculated by the Daily Balance method which applies a periodic rate to the balance in the account each day.
  5. Accrual of Dividends. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your term account. Dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued but unpaid dividends will be paid on term share certificates; accrued but unpaid dividends for all other accounts will not be paid if you close the account before accrued dividends are credited.
  6. Transaction Limitations except for checking transactions. During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order of instruction. No more than three of the six transfers may be made by check, draft, debit card, if applicable, or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to closure by the credit union.
  7. Fees could reduce earnings on the account.