An IRA is a self-funded retirement plan that allows you to contribute a limited yearly sum toward your retirement; taxes on the interest earned in the account are deferred.
- Flexible Terms
- No monthly fees
- Contributions may be made in "lump sums" or by regular deposits to the IRA share account or IRA share certificate throughout the year.
- Dividends are paid monthly
- IRA share certificates are available with a minimum deposit of $500
- Our rates are the same as for our Shares and Share Certificates, depending on what term IRA you establish.
- Insured up to $250,000 per member by the National Credit Union Administration (NCUA).
Traditional IRA
A traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made.
Roth IRA
As long as you have earned income, you can establish and contribute to a Roth IRA even after age 70 1/2*. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free, and unlike traditional IRAs, you are not required to begin taking required minimum distributions after reaching age 70 1/2*. By converting your traditional IRA to a Roth IRA, you can enjoy tax-free withdrawals. However, the amount you convert is subject to income tax now.
Coverdell Education Savings Plan
The Coverdell Education Savings Plan is an account that features tax-free withdrawals for a child's higher education expenses. Contributions are nondeductible, therefore unlike the Traditional IRA, distributions from an Educational IRA are penalty free and tax-free.
IRA Share Certificates
Earn higher dividends with an IRA Share Certificate. IRA Share Certificates are available with a minimum deposit of $500. Higher yields are available for larger deposits and longer terms.
*A dividend penalty will be imposed for early withdrawal from term accounts.
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