Launchpad

Momentum toward retirement.

Launchpad is a savings account that helps you build momentum towards retirement by helping you establish and grow savings at your own pace. Deposit a little money from every paycheck—and together we’ll propel it into something bigger.

We'll set up a systematic savings plan in which a set amount of your paycheck gets directly deposited into your Launchpad account, an account with a higher dividend rate. The goal? Once you have saved $1,000 in your Launchpad account, you'll have learned and demonstrated the discipline it takes to then move that balance into a retirement savings account, like an Individual Retirement Account (IRA) offered through Dupaco.

Launchpad will give you the base from which to begin your retirement saving habits. The growth of your balance may be slow and gradual, but it will pick up speed over time, with the help of compound interest:

Learn more about Compound Interest

Unlike an IRA, Launchpad has no tax benefits, consequences or reporting. Therefore, you won't suffer tax consequences for withdrawals. However, because the account is intended to be a deposit account, not a spending account, there is a $5 penalty for withdrawals made, unless you have achieved the $1,000 balance goal and are transferring the balance to an investment IRA.

You should consider Launchpad if you:

  • Have a low to moderate income and struggle to save for retirement
  • Have no employer retirement plan, or are not currently participating in one

To open a Launchpad savings account, give us a call at 800-373-7600 / (563) 557-7600, ext. 0.

Launchpad Rates

Current as of: 8/22/2017
Saving Program Dividend Rate Annual Percentage Yield1 Account Minimum Balance Account Maximum Balance
Launchpad Savings .40% .40% $5 $1,000
1Launchpad Rate: Dividends and annual percentage yields (APY) accurate as of the last dividend declaration date. The dividend rate and annual percentage yield may change after account opening. Fees could reduce earnings on the account.
Limitations: If there is no deposit to this account in any 90-day period, account will be closed and the funds will be deposited, less the $5, into member's share savings. Once the balance reaches $1,000 you have 90 days to move the funds into a Dupaco, Dupaco Financial Services, or First Community Trust IRA. If the funds are not moved into one of these accounts within 90 days of reaching the $1,000 balance, the account will be closed and the funds will be deposited, less the $5 fee, into member's share savings. A $5 penalty applies for each withdrawal from this account. The penalty is waived if the funds are transferred to an IRA. This is not a retirement account and there are no tax benefits on this account.

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