What is the difference between the IRA Share and the CD IRA?
The difference has to do with the dividend (interest) rate and how the rate adjusts over time. The Share IRA at Self-Help Credit Union or Self-Help Federal CU has a variable rate that adjusts month to month. The variable rate is tied to our 1 year CD rate, meaning the average 1 year CD rate for any given month determines the IRA rate for that month. The dividend rate on an IRA CD is chosen by the depositor from among certain CD terms offered by the credit union. IRA CDs renew just like traditional CDs.
