Individual Retirement Account (IRA)

The Credit Union offers an Individual Retirement Account (IRA) to assist you in retirement planning. You may apply for an IRA online via Member Access.


  • Current interest rate is % / % APY1
  • $ minimum opening deposit and required balance
  • Dividends compounded daily, paid monthly
  • No charge to open or service2 the account
  • Monthly statement
  • Contributions not required
  • Recurring Funds Transfer available for contributions
  • Accessible via Member Access, ASK SECU, your local branch and our 24/7 Member Services


  • Funds may not be borrowed or used as security for a loan
  • 6% non-deductible Federal excise penalty for excess contributions
Roth IRA
Traditional IRA
Simplified Employee Pension (SEP) IRA
Account holder or spouse must have earned income

No age limits
Accountholder must have earned income

Maximum contributing age limit of 70 ½
Employer completes and signs written agreement by tax return date, providing a copy to the employee

Eligible employees open SEP at institution of choice

Employer determines contribution percentage

No age limit for contributions on behalf of employee
Lesser of annual IRS limit or amount based on account holder's MAGI
Lesser of annual IRS limit or 100% of earned income
Cannot exceed 25% of employee's income up to compensation cap
Withdraw regular contributions tax and penalty-free at any time
May begin at age 59 ½ with no penalty; required to begin at age 70 ½
May begin at age 59 ½ with no penalty; required to begin at age 70 ½
Contributions can be made at any age

Contributions can be withdrawn tax-free at any time

Earnings are tax-free for all qualified withdrawals

No required distributions after retirement
Possible tax deductible contributions

Earnings on contributions grow tax-deferred

May be converted to a Roth IRA pending certain criteria are met
Allows small businesses to provide pension coverage to employees at no administrative cost

Self-employed can provide for own retirement
1 Quoted rates and annual percentage yields (APY) are subject to change daily.
2 A service fee of $ will be charged if the account balance falls below $25.