The Credit Union offers six types of IRA accounts.
- IRA Share Savings Account
- IRA Share Certificate Account
- Roth IRA Savings Account
- Roth IRA Certificate Account
- Coverdell Educational IRA Savings
- Coverdell Educational IRA Certificate Account
View our IRA Rates
IRA and ROTH Accounts
- In order to contribute to an IRA, an individual must meet the eligibility requirements. If you’re saving for retirement using an IRA, you have until April 15, 2016 to make your 2015 contribution. You may contribute $5,500 of your earnings for 2015 & 2016 if you are under age 50 or up to $6,500 if you are age 50 and over.
- Certificate terms of maturity can be 18, 30, or 60 months.
- The Roth IRA is funded solely by after-tax contributions and offers the possibility of tax-free earnings.
- The Roth IRA appeals both to those who are not able to deduct their traditional IRA contributions because of their income level and to younger investors who are a little skittish about “locking away” their money until age 59 1/2.
- Usually the earnings from contributions to IRAs represent a better performing savings vehicle for retirement because of tax deferrals.
- Credit Union loans to qualified borrowers are available to fund your IRA account.
Coverdell Educational IRA Certificate
- There is a minimum deposit of 500 and maximum of $2,000 for one child per year until a child reaches 18 years of age.
- Certificate terms of maturity are 18, 30, or 60 months. At maturity, renewal is at your discretion.
- Coverdell Educational IRAs differ from the Roth IRA because they are custodial accounts or trust accounts with a specified purpose for the funds.
- Coverdell Educational IRAs are exclusively to provide funds for qualified education expenses of a child.