IRA Accounts

Individual Retirement Accounts or IRA’s, were designed to give Americans tax breaks and a greater incentive to save.  The Taxpayer Relief Act of 1997 not only improved the traditional IRA, but it also introduced the Roth IRA and Educational IRA.

There are contribution limits and features unique to each type of account.  Please feel free to contact your local member service representative for more guidance about which account is right for you.

Traditional:

Income limits have been raised so more people can make tax-deductible contributions.
Taxes on earning are deferred until withdrawal
Tax-deferred compounding of earnings may reduce your tax bill each year
Qualified distributions are penalty free for a first-time home purchase and higher education expenses
Yearly Contribution Limit: $5,500.00

Roth:

Contributions are made with after tax dollars and may be withdrawn at any time
Earnings may be withdrawn tax-free and penalty free under a variety of conditions
There are no required minimum distributions
Contributions are allowed after 70 1/2
Yearly Contribution Limit: $5,500.00 ($6,500 if over 50 years old)

Educational:

An educational IRA can be a smart way to save for your child’s college education.  Although contributions to an Education IRA are not tax-deductible, your withdrawals (including earnings) are tax-free if used for tuition, books, and other qualified higher-education expenses.

Yearly Contribution Limit: $2,000.00

Term Certificates:

For both the Traditional and Roth IRAs the Credit Union offers term certificates which pay higher dividends.

 

 

  • ACCOUNT TYPE
  • Deposit Rates

  • Effective: October 1, 2016
  • APR
  • APY
  • IRA (Individual Retirement Account)

  • $100.00-$2,499.00
  • $2,500.00-$9,999.99
  • $10,000.00 and up
  • IRA certificates are available at standard certificate Rates
  • 0.25
  • 0.35
  • 0.45
  • 0.25
  • 0.35
  • 0.45
  • APR refers to Annual Percentage Rate
    APY refers to Annual Percentage Yield
    All rates are subject to change without notice.
    Interest accrues daily.