Individual Retirement Account (IRA)

Apply for an IRA

Tax-Advantaged Saving1

Tax benefits and compounding can save you more over time.

Low Minimum Deposit

Open and maintain an account with as little as $25.

Earn Dividends2

View the current dividend rate (compounded daily, paid monthly).

Automated Savings

Set up Funds Transfer or Payroll Deduction contributions.

No Service Fees3

No charges or fees to open or service the account.

24/7 Account Access

Manage your account on the go through any of our service channels.

What Is an IRA?

An individual retirement account (IRA) allows you to save for your future retirement through an account that offers tax advantages that can maximize your earning potential over time. The earlier you begin saving in an IRA, the greater your earnings may be through tax-advantaged compounding.

We offer traditional, Roth and Simplified Employee Pension (SEP) IRAs as Share accounts to help you save for your future retirement. Credit Union Investment Services (CUIS), a wholly owned subsidiary of the Credit Union, also offers investment account IRAs.

Which IRA Is Right for Me?

The two most common types of IRAs are traditional and Roth. You can have both types of IRAs and have multiple accounts with different institutions.4 When thinking about which IRA is right for you, consider your income expectations, how you want your money to be taxed, and penalties and limitations that may be incurred for early withdrawals. Contact one of our representatives to help you determine which option best suits your needs.

Traditional IRA
Earnings grow tax-deferred
Contributions may be tax-deductible5
Withdrawals required after you reach your required beginning date (RBD)6
Withdrawals may be subject to ordinary income taxes
10% early withdrawal penalty unless exception applies before age 59 ½
Roth IRA
Earnings grow tax-deferred with the potential to be tax-free
Contributions are not tax-deductible
Withdrawals not required at any age
Earnings withdrawn tax-free if considered “qualified”
Contributions withdrawn tax- and penalty-free at any time7
See the IRS Comparison Chart for more detailed information.

Are You Self-Employed?

If you are self-employed or work for a business that has adopted a SEP Plan, you may qualify for a SEP IRA. SEP IRAs are traditional IRAs that allow contributions from the employer, subject to certain restrictions. Contributions and earnings grow tax-deferred until withdrawn. You must start taking withdrawals when you reach your required minimum distribution age. Early withdrawals may be subject to taxes and a 10% penalty.

Tax Considerations

Note: The information below is provided for informational purposes only. Consult your tax advisor for additional information regarding requirements and limitations.

Retirement Funds at Another Financial Institution?

If you have funds from a former employer’s retirement plan, like a 401(k), or funds in an IRA at another financial institution, you can transfer or roll over those funds to a new or existing IRA at the credit union today. Contact your local branch or our 24/7 Member Services at (888) 732-8562 to get started.

1 Neither the Credit Union nor its subsidiaries are legal or tax advisors. Consult with your tax professional before making legal or tax-related investment decisions.
2 Rates and annual percentage yields (APYs) are variable and subject to change daily at the discretion of the Board of Directors.
3 No monthly maintenance fee if the minimum $25 account balance is maintained. A monthly maintenance fee of $1 will be charged if the account falls below $25.
4 You cannot exceed the IRS contribution limits for any given year and must meet certain other eligibility requirements.
5  Deductibility depends on tax filing status, participation in an employer plan and modified adjusted gross income (MAGI).
6  You must start taking distributions by April 1 following the year in which you turn 73.
7  While you may withdraw contributions tax-free at any time, withdrawal of Roth IRA earnings before you reach age 59 ½ and before the account is five years old may be subject to tax and penalties.
8  Eligibility exclusions may apply.