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In order for HSA assets to retain their tax-free status, they may only be withdrawn and used for certain expenses.1 These expenses include: most medical, dental and vision care, premiums for long-term care insurance, health insurance when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.
Rolling over your IRA is perfect when changing jobs or for keeping your retirement savings on track. An MSUFCU IRA is a great way to ensure your funds are invested to your tax benefit, whether the funds are with a Traditional or Roth.
Direct Rollover is a qualified retirement plan or tax-sheltered annuity distribution that is sent directly from the plan administrator to an IRA. Funds moved to an IRA via a direct rollover are not subject to federal income tax withholding.
An IRA owner may withdraw funds from an IRA once in a 12-month period and pay no tax or IRS penalties provided the funds are rolled over to a similar plan within 60 days.
A Direct Transfer is a movement of IRA funds from an existing IRA (this includes an Accumulation, Rollover, Spousal, or SEP Plan) to a like plan. A Direct Transfer can only be made between IRA custodians or trustees. There are no limitations to the number of times that an IRA owner may initiate a Direct Transfer and there are no tax implications when transferring funds between financial institutions.
Move Your IRA to MSUFCU
Complete the IRA forms via our online IRA Service Center, visit an MSUFCU branch, or call 517-333-2424 or 800-678-4968 to learn more about moving your IRA to MSUFCU.