An Educational IRA Certificate combines the tax advantages of a Roth IRA with the great returns of a Certificate of Deposit. You get to choose your CD term and contribute up to $2,000 a year from your post-tax income. Then you or your child can withdraw funds tax-free to pay for a wide range of education-related expenses.
Enjoy the advantages of an IRA but instead of saving for your retirement, you're investing in your child's future!
Dedicated Saver Certificate: Save for specific goals in mind. Automatic transfer of $10 per month is required. You may make a manual transfer of a maximum of $10,000 per month to your existing Dedicated Saver Certificate.
Bump Option: Available on all Regular & IRA Certificate Accounts. Rate is .15% points less than the stated rate.
*Flex Certificate: Great rate with more liquidity than money market accounts. Allows withdrawals the first three (3) business days of each quarter (January/April/July/October). The maximum limit of Flex Certificate is $100,000 with a maximum deposit of $10,000 per month.
*Certificate Special: Annual Percentage Yield (APY) Special rates apply to new deposits only for share certificate of deposits, IRA contributions or rollovers to IRA certificate of deposits. The new rate will remain in effect until the certificate maturity date. A penalty may be imposed for withdrawals before maturity. May not be combined with other rates or offers. The offer is valid for a limited time only.
The annual contribution limit of $2,000 includes any service fees you need to pay. Contributions to the account must end when your child (or another beneficiary) turns 18.
The account is considered an asset of the parent (custodian) and withdrawals do not usually need to be reported as income.
Your child (or beneficiary) must withdraw all the funds before they reach age 30. After that, they will need to pay taxes and penalties on withdrawals.
Join Wasatch Peaks Credit Union
Check you meet our membership criteria and open a savings account with a deposit of just $5.
Start Saving for Your Child's Future!
Make sure your child gets a great education with ongoing contributions until they turn 18.
When you open an account with Wasatch Peaks, you become a member of our cooperative and get a say in how we run things.
We're here to serve the people of Weber, Morgan, and Davis Counties, Utah – not spin a profit for outside shareholders.
We give our revenue back to you through low fees, competitive rates on loans, and generous yields on savings tools like our IRA Certificates. Above all, we care about the members of our community and are proud to support our youth by partnering with local schools, organizations, and events.
There are a few key features that make this account different from others.
The funds may be used to pay tuition at many kinds of schools, including private, public, and religious – from elementary school up to college or another type of post-secondary education.
In addition to tuition, you or your child (once they turn 18) may use the funds for:
There are a few key age limits you need to be aware of:
The Certificate of Deposit term is how long you agree to leave your funds untouched.
The end of your CD term is known as the maturity date. At that time, you may reinvest your Educational IRA Funds into another CD term, or make withdrawals to use for your child's education.
Yes, you need to join the credit union, and becoming a member is easy! You simply need to meet these criteria: