Individual Retirement Accounts (IRAs)

Why an IRA?

An IRA is an easy way to accumulate funds for your retirement and also benefit from potential tax advantages. Depending on the type of IRA you select, you might be able to save on taxes now, or possibly benefit from tax-free earnings in your retirement. These accounts are available for most members who have taxable compensation (employment income).

Combined traditional IRA and Roth IRA balances are NCUA insured up to $250,000 (separately from other accounts).

Traditional vs Roth

Traditional IRA
Money you contribute into a traditional IRA may be tax deductible*. Earnings on contributions will not get taxed until you withdraw the money.  For example, if you make $40,000 in a year, and put $3,000 of it into a traditional IRA, you’d pay income tax on $37,000.  Additionally, your contributions grow tax-free throughout the years.  When you withdraw the money after age 59.5, the money gets taxed as income.

Roth IRA
Unlike a traditional IRA, the money you contribute to this type of IRA is never tax-deductible.  Using the example above, you’d still get taxed on your income of $40,000 – even after placing $3,000 into a Roth IRA.  One of the biggest differences is when you withdraw money from this type of account, none of it (including earnings) gets taxed — so long as the account has been opened for at least five tax years and you’re older than age 59.5. Think of a Roth IRA as something that provides tax-exempt (instead of tax-deferred) savings.

An opportunity for higher earnings when you agree to leave your money at Vantage West for a predetermined amount of time

  • Choose from 18-month or 3-year Certificate IRAs
  • Automatic rollover at maturity at the current rate
  • Offered as either a traditional or Roth IRA


Start saving for your future today!

  • Minimum opening deposit is $50
  • Offered as either a traditional or Roth IRA


Coverdell Education Savings Account* (ESA)

A high-yield account set up for the purpose of saving for higher learning expenses for a designated beneficiary under the age of 18

  • Minimum opening deposit is $50
  • No maturity date or limits on transaction frequency
  • Contribute up to $2,000 per year
  • Must be set up with the legal guardian of a minor
  • No minimum investment periods, like term certificates
  • Withdrawals are tax free when used for educational expenses
  • Funds can be transferred at any time to a qualifying family member under 30 years old
  • Contributions & withdrawals are subject to government rules and regulations
Rates accurate as of Friday, November 24, 2017:
Type Minimum Balance Annual Percentage Yield (APY)
Premium Share IRAs (Traditional & Roth) & Coverdell Education Savings $50 – $499.99 0.60%
$500 – $24,999.99 1.10%
$25,000 – $74,999.99 1.15%
$75,000 – $124,999.99 1.20%
$125,000 - and up 1.25%
18-month Share Certificate IRAs (Traditional & Roth) $1,000 – $24,999.99 1.17%
$25,000-$74,999.99 1.17%
$75,000 – $124,999.99 1.17%
$125,000 - $249,999.99 1.17%
$250,000 - and up 1.17%
3-year Share Certificate IRAs (Traditional & Roth) $1,000 – $24,999.99 1.87%
$25,000 – $74,999.99 1.87%
$75,000 – $124,999.99 1.87%
$125,000 - $249,999.99 1.87%
$250,000 - and up 1.87%

*Consult your tax advisor about IRA and Coverdell Education Savings Account eligibility, contributions, qualifications, and early withdrawal penalties. Maintenance fees may apply.

Annual Percentage Yield. Subject to approval.  Certain restrictions may apply. Rates subject to change. Early withdrawals, fees,and other conditions could reduce the earnings on the account. Credit union membership required.  Accounts federally insured to at least $250,000 by the National Credit Union Administration.