Individual Retirement Accounts (IRA)

 

Federally insured by NCUA

Start Your Future Now

It’s never too early to plan for your retirement. Ensure a prosperous future for yourself by investing in a Traditional or Roth Individual Retirement Account (IRA). Accumulate funds for your retirement while benefiting from potential tax advantages. Traditional and Roth IRAs feature particular tax benefits, which we explain in the boxes below. Most members who have taxable compensation (employment income) qualify for either type of IRA and the NCUA insures up to $250,000 (separately from other accounts).

Traditional IRA

Money you contribute into a traditional IRA may be tax deductible¹. 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.

Learn more about the differences between Traditional and Roth IRAs here.

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Roth IRA

Unlike a traditional IRA, the money you contribute to this type of IRA is never tax-deductible. This means that you pay taxes on all of your taxable compensation. But none of your IRA savings are taxed when you withdraw money from a Roth account. However, in order to reap the tax benefits, your account must have been opened for at least five tax years and you must be older than age 59.5.

Learn more about the differences between Traditional and Roth IRAs here.

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IRA Certificate (CDs)

Invest in your retirement with certificates that provide you with higher earnings and tax benefits. We offer both Traditional or Roth IRA Certificates (CDs) for terms of either 18 months or three years. Earnings automatically rollover at maturity using the current rate of return.

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Type Minimum Balance Annual Percentage Yield (APY)
Premium Share IRAs (Traditional & Roth) $50 - $499.99 1.15%
$500 - $24,999.99 1.25%
$25,000 - 74,999.99 1.50%
$75,000 - $124,999.99 1.75%
$125,000 and up 2.00%
18-month IRA Certificate (CD) (Traditional & Roth) $500 - and up 4.00%
36-month IRA Certificate (CD) (Traditional & Roth) $500 - and up 3.50%
Last Updated November 5, 2024. 

Disclosures

Annual Percentage Yield (s) accurate as of November 1, 2024. Certificates earn dividends. Certificate minimum opening deposited of $500. Subject to approval.  Certain restrictions may apply. Traditional and Roth IRA rates are variable and subject to change. Early withdrawal penalties may apply. Early withdrawals, fees, and other conditions could reduce the earnings on the account. Credit union membership required.  Promotion subject to change. Accounts federally insured to at least $250,000 by the National Credit Union Administration.

1Consult your tax advisor about IRA eligibility, contributions, qualifications, and early withdrawal penalties.