Individual Retirement Accounts (IRAs)

Rates

Spend your retirement the way you want with competitive dividends and unique tax advantages.*

Details
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • $10 annual maintenance fee
  • Annual contribution limits apply (see current contribution limits)
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • Withdrawals are permitted upon maturation (subject to IRS regulations and penalties)
  • $500 minimum deposit to open

IRA Share

In order to invest in IRA certificates, the member must maintain an IRA Share account.

  • Opening balance is $500
  • No minimum average daily balance
  • Deposits are permitted at any time
  • Withdrawals are permitted (subject to IRS regulations and penalties)
  • Variable interest rates
  • Statements may be received through mail or online
Traditional vs. Roth

There are advantages to traditional and Roth IRAs, but one of the biggest differences is when you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½

Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income 

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.

*Subject to some minimal conditions. Consult a tax advisor.