Retirement Products: Interest Rate decreases to 3% on January 30, 2021.
3.00% Interest Rate starts February 1, 2021 for Providence Association Retirement Products, which include Annuities, IRA and Roth IRA Annuities.
Due to the tremendous support of all of our members and the Ukrainian community, for over three years, we were able to pay a three and one quarter percent (3.25%) interest rate on all of our members’ Annuity, IRA and Roth IRA certificates.
Prudence in the face of the current interest rate market, however, obliges us to lower that rate just a tic (0.25%).
Starting February 1, 2021, THE INTEREST RATE OF PROVIDENCE ASSOCIATION ANNUITIES, IRA ROTH IRA ANNUITIES WILL RESET TO 3.00%.
Nevertheless, we think that you will agree that earning a 3.00% tax-deferred, or in the case of Roth IRA’s tax-free, interest rate is not bad news in today’s challenging world.
2.00% lifetime guaranteed minimum interest rate:
All Providence Association Annuities, IRAs and Roth IRAs issued after January 30, 2021 will have a favorable 2.00% guaranteed minimum interest rate and a then current rate of 3.00%, as stated above. In this regard we remind all of you that providence Association’s savings Products are governed by a “floating”/varying interest rate that its Executive fixes, sets and resets from time-to-time.
Capacity for growth rates to increase is unlimited:
All Providence Association Annuities, IRA Annuities and Roth IRA Annuities have the capacity to have their interest rates increased when interest market rate forces so allow.
3.00% lifetime guaranteed minimum interest rate product will be discontinued/suspended, as of January 30, 2021.
However, all Providence members that own products issued before that date will, naturally, retain a guaranteed minimum interest rate of 3.00% for the lifetime of their existing contracts.
If you are not yet members, call Providence Association toll free at 1-877-857-2284. We will assist you immediately with the opening of an appropriate account, so that you too can enjoy a 3.00% interest rate on your hard-earned monies.
We can also rollover your existing 401(k) or other employer retirement account, or transfer an existing Annuity, IRA or Roth IRA, if they are currently earning less than 3.00%.