IRAs & ESAs

Save wisely for two of life's major milestones - college and retirement.

Traditional IRA

As high as 1.00% APY*
Tax breaks give your savings a lift

A Traditional IRA pays off today as well as tomorrow. While you're still working, your annual contributions are often tax deductible. And by the time you retire, you'll have put away enough money to live comfortably and do all those things you've dreamed of.

  • Contribute up to a total of $6,000 per year to your IRA. An additional $1,000 is allowed for those over 50.
  • Interest is paid and compounded monthly
  • Annual interest earnings are tax-free
  • Withdrawals are taxed as income 
  • No minimum balance requirement
  • Early withdrawal penalty applies if you are not yet 59 1/2 years old
  • Must begin making withdrawals by age 70 1/2 or by age 72 for anyone born after July 1, 1949
  • Minimum deposit of $500 required
  • Certificate terms of 12 to 60 months available
  • Certificates pay a higher rate than most standard savings accounts
  • Contribute up to a total of $6,000 per year to your IRA. An additional $1,000 is allowed for those over 50.
  • Annual interest earnings are tax-free
  • Withdrawals are taxed as income
  • Early withdrawal penalty applies if you are not yet 59 1/2 or older
  • Must begin making withdrawals by age 70 1/2 or by age 72 for anyone born after July 1, 1949
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Roth IRA

As high as 1.00% APY*
Take your money tax-free

The best advice for anyone saving for retirement? Start early. After that, you'll have to decide on the best strategy. With a Roth IRA, there are no tax breaks for annual deduction, but when you really want to start enjoying life, your withdrawals are 100% tax-free.

  • Contribute up to a total of $6,000 per year to your IRA. An additional $1,000 is allowed for those over 50.
  • No minimum balance requirement
  • Dividends are paid and compounded monthly
  • Interest grows tax-free and all withdrawals are tax-free
  • Early withdrawal penalty applies if you are not yet 59 1/2 or older
  • Unlike a Traditional IRA, a Roth IRA doesn’t require you to begin withdrawing money by a certain age
  • Minimum deposit of $500 
  • Certificate terms of 12 to 60 months available
  • Certificates pay a higher rate than most standard savings accounts
  • Contribute up to a total of $6,000 per year to your IRA. Additional $1,000 contribution is allowed for those over 50.
  • Unlike a Traditional IRA, a Roth IRA doesn’t require you to begin withdrawing money by a certain age
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Coverdell Education Savings Account

As high as 1.00% APY*
Take aim at rising tuition costs

When it comes to college, the common knowledge is that the price tag is skyrocketing. One smart way to prepare for the big bills is with a special savings account that features tax advantages. An ESA has the added benefit of being available to cover the costs of private elementary and secondary education as well.

  • Contribute up to $2,000 per year until student's 18th birthday
  • Annual contributions may be tax deductible, and interest grows tax-free
  • Funds can be used to pay for tuition, books and other school supplies 
  • Interest is paid and compounded monthly
  • No minimum balance requirement
  • Minimum deposit of $500 
  • Certificate terms of 12 to 60 months available
  • Total maximum contribution per year to an ESA is $2,000
  • Certificates pay a higher rate than most standard savings accounts
  • Annual contributions may be tax deductible, and interest grows tax-free
  • Funds can be used to pay for tuition, books and other school supplies

Scient FCU is a full-service credit union with branches in New Haven and Groton, Connecticut.

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APY = Annual Percentage Rate