- Neither SECU nor its subsidiaries are legal or tax advisors. Consult with your tax professional before making legal or tax-related investment decisions.
- Rates and annual percentage yields (APYs) are variable and subject to change daily at the discretion of the Board of Directors.
- No monthly maintenance fee if the minimum $25 account balance is maintained. A monthly maintenance fee of $1 is charged if the account is below $25 on the statement date.
- You cannot exceed the IRS contribution limits for any given year and must meet certain other eligibility requirements.
- Deductibility depends on tax filing status, participation in an employer plan, and modified adjusted gross income (MAGI).
- You must start taking distributions by April 1 in the year following the year you turn 73.
- While you may withdraw contributions tax-free at any time, withdrawals 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.
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Tax-advantaged savings1
Tax benefits and compounding dividends enable you to save more over time. -
Dividend earnings2
Dividends are compounded daily and paid monthly. -
Low minimum deposit
Open and maintain an account with as little as $25.3 -
Automated savings
Set up Funds Transfer or Payroll Deduction contributions. -
24/7 access
Manage your account anytime via Member Access and the SECU Mobile App.
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Insured deposits
Deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF), a component of NCUA.
Which type of IRA is right for you?
The two most common types of IRAs are traditional and Roth. You can have both types of IRAs and multiple accounts with different institutions.4 When deciding which IRA is right for you, consider your income expectations, how you want your money to be taxed, and the penalties and limitations you may incur for early withdrawals. View our comparison charts for more details.
| Traditional IRA | Roth IRA | |
|---|---|---|
| Contributions | Contributions made with pre-tax dollars.5 | Contributions made with after-tax dollars. |
| Earnings | Earnings grow tax-deferred. | Earnings grow tax-deferred with the potential to be tax-free. |
| Required distributions | Withdrawals required after you reach your required beginning date (RBD).6 | Withdrawals are not required at any age. |
| Taxability of withdrawals | All withdrawals are generally taxable. | Earnings may be withdrawn tax-free if qualified. Contributions are withdrawn tax-free at any time. |
| Withdrawal penalty | 10% early withdrawal penalty unless an exception applies before age 59 ½. | Contributions are withdrawn tax- and penalty-free at any time.7 Withdrawn earnings may be subject to a 10% early withdrawal penalty if not qualified. |