High Yield Savings Accounts

Our Money Market Account offers higher earnings and gives you easy access to your funds. Interest* is compounded and paid monthly based on the daily balance.

• Tiered interest* rates: the more you save the more you earn automatically
• No monthly service charge
• Low $100 minimum balance requirement

*In credit unions, members are owners; therefore interest equals dividends.

 

Ready to open your Money Market account?

Select an option below to open your account online!

Prefer to apply in person?
Open your account by visiting a JAXFCU branch or call us at 904-475-8000.

IRAs are designed to help you save for retirement. Taxes may be deferred or deductible. Your tax adviser can offer more guidance on which type of IRA may be best for your needs.

Traditional IRA

Eligibility

• Eligible to anyone with an annual income or compensation of any kind.

Contribution Rules

• Maximum of $6,000 per year per person if you are under 50 years old, maximum of $7,000 per year per person if you are over 50 years old.
  

Tax Benefits

• Contributions are tax-deductible
• Contributions and earnings grow tax-deferred until withdrawn
  

Withdrawals & Distributions

• Penalty-free withdrawal after 59 ½ years old
• Required Minimum Distribution (RMDs) begin at age 72
• Withdrawals are subject to tax (income tax and estate or other taxes may apply)
• 10% Early Withdrawal Penalty due unless withdrawn for a qualified reason (See IRS.gov to get updated information on qualified withdrawals)

Roth IRA

Eligibility

• Eligible to anyone with an annual income less than the limit. See IRS.gov for each year’s income limit.
• There are no age restrictions.

Contribution Rule

• Maximum of $6,000 per year per person if you are under 50 years old, maximum of $7,000 per year per person if you are over 50 years old.
• No age limit for contributions, in some states.

Tax Benefits

• Contributions are not tax deductible.
• Earnings are tax-free, no taxes are due upon withdrawal.

Withdrawals & Distributions

• Penalty-free withdrawals after 59 ½ years old.
• No Required Minimum Distribution (RMD) for a Roth IRA.
• Withdrawals are not subject to tax (income tax does not apply, estate or other taxes may apply.)
• 10% Early Withdrawal Penalty due unless withdrawn for a qualified reason (See IRS.gov to get updated info on qualified withdrawals.)

Coverdell Education Savings Account (ESA)

Eligibility

• When the account is established, the designated beneficiary must be under the age of 18.

Contribution Rules

• Any individual whose modified adjusted gross income is under the limit set for a given tax year can make contributions. (See IRS.gov for income limits)
• Maximum of $2,000 per year per beneficiary.

Tax Benefits

• Contributions are not tax deductible.
• Earnings are free from federal income tax if used for qualified expenses before the beneficiary turns age 30.

Withdrawals & Distributions

• Distributions are tax-free to the extent that the amount of the distribution doesn’t exceed the beneficiary’s qualified education expenses.
• Amounts remaining in the account must be distributed when the designated beneficiary reached age 30 unless the beneficiary is a special needs beneficiary.

For additional information on withdrawal rules for IRA’s:

• https://www.fidelity.com/building-savings/learn-about-iras/ira-withdrawal
• Roth IRA Withdrawal Form
• Traditional IRA Withdrawal Authorization Form

 

Ready to open your IRA account?

Prefer to apply in person?
Open your account by visiting a JAXFCU branch or call us at 904-475-8000.

Prefer to apply in person?
Open your account by visiting a JAXFCU branch or call us at 904-475-8000.

To help you achieve your savings goals, simply select a short term target of 12-months or 18-months or pick a longer term target of  3 or 5-year savings amount. (Monthly, Semi-Monthly, Weekly or Bi-Weekly).

Short Term Savings Chart

*Early Withdrawal Penalty is 90 days interest for 12-Month Certificates and 180 days interest 18-Month Certificates.

Longer Term Savings Chart

We take savings very serious and we want you to achieve your long term goals! Should you need to make a withdrawal, a penalty of 180 days interest will be assessed and your account will be closed.

 

Ready to open your account?

Prefer to apply in person?
Open your account by visiting a JAXFCU branch or call us at 904-475-8000.