Individual Retirement Accounts (IRAs)
MSUFCU has the long-term savings options to help you save for retirement, higher-learning, or health care expenses. View current dividend rates.
Coverdell Educational Savings Accounts, Health Savings Accounts, Traditional IRAs, Roth IRAs, and SEP Plan IRAs are insured for an additional $250,000.
A Health Savings Account, or HSA, is an IRA-like account that is designed exclusively for covering medical expenses incurred by the person who establishes the account and his or her dependents.
In order for HSA assets to retain their tax-free status, they may only be withdrawn and used for certain expenses.1 These expenses include: most medical, dental and vision care, premiums for long-term care insurance, health insurance when unemployed, and certain health insurance premiums after age 65. Funds used for non-medical expenses after age 65 are treated as taxable income.
Choose an HSA Certificate to maximize the growth of your HSA. Terms range from 3 months to 5 years. The One-Year Add-On HSA Certificate can be opened with as little as $50.00 and may be added to at anytime, making this a great option for payroll deduction. HSA Certificates allow for one withdrawal before the maturity date without an early withdrawal penalty. If you will be making more frequent withdrawals, we recommend the HSA IMMA for greater flexibility.
The HSA Insured Money Management Account, or HSA IMMA, is a variable rate savings that offers a tiered rate of return based on the daily balance. Minimum initial deposit is only $50 and you may make additional deposits for any amount and at any time. Electronic transfers are limited to 6 per month according to federal Regulation D and there are no limits to the amount of times you may access funds in person at one of our branch locations. This account can also provide overdraft protection for your HSA Checking.
Enjoy immediate access to your HSA funds with an HSA Checking. Write a check or use your HSA Visa Debit Card to pay for doctor's co-pay, office visits, prescriptions, etc. and the funds will come directly from your HSA Checking. There are no monthly service fees and no minimum balance. Manage your HSA Checking 24/7 via ComputerLine, the MSUFCU Mobile app, or MoneyLine, and sign up for monthly eStatements for added convenience and account security. Pair your HSA Checking with our Bill Payment feature for added flexibility. Set up payments in Computerline to come from your HSA Checking automatically or as needed for FREE.
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Open Your HSA
Stop by any MSUFCU branch or visit our online HSA Service Center to open your Health Savings Account, HSA Certificate, IMMA, or HSA Checking.
1Be sure to discuss your specific tax situation with your tax advisor.
Legislative changes to Michigan’s income tax withholding laws became effective on January 1, 2012. As an IRA holder, you may be affected by these laws.
The Michigan Income Tax Act is requiring taxpayers, who are legal residents of Michigan and are born on or after January 1, 1946, to withhold 4.25% of all Traditional and Roth IRA withdrawals for the purpose of state income tax. As the custodian of your IRA, the MSUFCU is required by law to send these funds to the State of Michigan.
If you are eligible to have a withholding rate other than 4.25% withheld or you elect not to have state income tax withheld on your IRA disbursements, you will be required to complete form MI W-4P and return it to the Credit Union in advance of the withdrawals. For more detailed information, visit the Michigan Department of Treasury 2012 Pensions Withholding Guide. An updated version of the MI W-4P can be found here.
You may qualify for personal exemptions that would reduce the amount required to be withheld. In addition, you may elect not to have state income tax withheld from your distributions and may choose to make estimated tax payments. There may be penalties for not paying enough state income tax during the year, either through withholding or estimated tax payments. Please consult the advice of a professional tax consultant to determine your options.