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Term Deposits

Life goes by quickly. Preparing yourself for what's ahead can help. Sharon Credit Unions offers a wide variety of certificate and IRA terms to give you the flexibility to invest to fit your needs and future plans.

Certificates

We offer a full complement of high yield certificate of deposit accounts for our members. 

  • 3 to 60 month terms
  • Fixed interest rates
  • $500 minimum deposit required

Your monthly dividends can be withdrawn, transferred to another Sharon Credit Union product, or can be compounded. Principal can be withdrawn prior to term but will incur a penalty.

Individual Retirement Accounts (IRAs)

IRA Certificates & IRA Savings Accounts are an excellent way to accumulate funds for your retirement, your employees’ retirement or your child’s further education.  We feature high yielding CDs and a variable rate IRA Savings Account for Traditional, Roth, Simplified Employee Pension (SEP) IRA Accounts, and Coverdell Education Savings Accounts (CESA). There are different advantages to each type of IRA as well as different requirements and limitations. Make sure you consult a tax advisor and learn more about IRA Contributions Limits and Eligibility Requirements for each type of IRA.

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Traditional IRA

  • Save for retirement with tax advantages
  • Contributions may be fully or partially deductible
  • Generally, savings in your traditional IRA (including earnings and gains) are not taxed until distributed

Coverdell Education Savings Accounts

A Coverdell Education Savings Account (Coverdell ESA) is a trust or custodial account set-up solely for paying qualified education expenses for the designated beneficiary (under the age of 18) of the account. 

Roth IRA

  • Save for retirement with tax advantages
  • You cannot deduct contributions to a Roth IRA.
  • If you satisfy the requirements, qualified distributions are tax-free
  • You can leave amounts in your Roth IRA as long as you live

Simplified Employee Pension (SEP)

A SEP plan allows employers to contribute to Traditional IRAs (SEP-IRAs) set-up for employees. A business of any size, even self-employed, can establish a SEP. 

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