No. of Recommendations: 1
Author: chanpuru | Date: 10/26/05 5:10 PM | Number: 47995
I read the whole section on this site about IRA, but they didn't mention anything on credit unions.

Credit unions normally have a very limited selection of investment choices inside their IRAs. My credit union only offers CDs in their IRAs. If CDs are what you want, and you don't want to purchase stocks or mutual funds, then the credit union IRA would be fine.

Also, remember that you can have as many IRAs as you want. If you want to buy CDs, open an IRA at your credit union. If you want to buy stocks open another one at an online discount brokerage. If you want to buy mutual funds open a 3rd IRA at the mutual fund company of your choice (my choice is Vanguard).

However, you are only allowed to contribute $4000 TOTAL for 2005 spread over all your IRAs.

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