It's never too early to start saving for your Golden Years.
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Traditional IRA
Traditional IRA accounts are special accounts that allow your earnings to grow tax-deferred.
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You are eligible for penalty-free withdrawals from your Traditional IRA once you are age 59½ or older. Once you reach age 70½ you must take a required minimum distribution (RMD) every year.
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Traditional IRA accounts grow tax-deferred. Your contributions to a Traditional IRA are tax deductible based on your income. Your earnings also grow tax-deferred, meaning you only pay tax when you make a withdrawal. Thus, Traditional IRA accounts may be the best option if you need to reduce your current tax liability and think you’ll be in a lower tax bracket when you eventually withdraw money from the account.
Tax Year: 2023
Under age 50: $6,000
Age 50+: $7,000
Rate: 0.499%
APY: 0.50%
MINIMUM BALANCE TO EARN APY: $50
Tax laws are subject to change. We are unable to provide financial advice but can answer questions on specific IRA products. Limits may be restricted based on your taxable compensation for the year. Early withdrawals may result in penalties and fees. Contact a tax professional for more details.
IRA Certificates
Term | Rate | APY | Minimum Balance to Earn APY |
|---|---|---|---|
1 Year IRA Certificate | 5.0% | 5.095% | $1000 |
2 Year IRA Certificate | 4.0% | 4.06% | $1000 |
3 Year IRA Certificate | 4.5% | 4.577% | $1000 |
5 Year IRA Certificate | 3.9% | 3.957% | $1000 |
If a certificate is withdrawn or transferred to another institution before the maturity date, there will be a 90-180 day interest penalty. The principle and accrued interest on the term share accounts will renew unless otherwise requested.
*The day of deposit/day of withdrawal (actual daily balance) method is used to calculate the dividends. This credit union will pay dividends on the full balance in the account whether deposits are made by cash or check. If you close your IRA account before your accrued dividends are credited, no dividends will be paid for that period. Dividends are credited at certificate term. Rate may change after account is opened and is subject to change at renewal term in case of auto renewed certificate. On all accounts dividends are paid from current income and available earnings at the end of a dividend period. Dividends rates and annual percentage yields may change from time to time on all credit union accounts. IRA accounts terms are controlled by the Truth in Savings and the Individual Retirement Custodial Account Agreement.
Roth IRA
A Roth IRA allows you to invest your after-tax dollars today, let the investment grow tax-deferred until retirement, then withdraw your principal and earnings tax-free after five years. (You may be subject to income taxes and a 10% penalty on the earnings if withdrawn before age 59 1/2.)
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Refer to IRS.GOV for limits.
Rate: 0.499%
APY: 0.50%
MINIMUM BALANCE TO EARN APY: $50
Tax laws are subject to change. We are unable to provide financial advice but can answer questions on specific IRA products. Limits may be restricted based on your taxable compensation for the year. Early withdrawals may result in penalties and fees. Contact a tax professional for more details.