Individual Retirement Account (IRA)
You’ve earned the right to enjoy a great retirement. Start saving for it today with special tax advantages2.
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Member Benefits
Tax Advantages
Open a tax-advantaged retirement savings with both Traditional and Roth IRA options with a $100 minimum deposit.
Competitive Dividends
Earn competitive dividends above the standard savings rates on balances over $100 with a $6,000 contribution limit per year (as of 2020).
No Maintenance Fees
Set aside money for future savings goals with no setup or maintenance fees and only a $100 minimum to open. Early withdrawals are subject to penalty2.
Enjoy the Benefits
More Features
Tax-advantaged retirement savings2
Earn competitive dividends above standard savings rates on balances over $100
Traditional and Roth IRA options
No setup fees
No monthly or annual maintenance fees
$6,000 contribution limit per year (as of 2020)
Additional $1,000 “catch-up” contribution allowed for ages 50+
Funds can be used to purchase IRA Share Certificates
$100 minimum deposit to open
Choosing the Right IRA
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
Traditional IRA
No income limits to open
No minimum contribution requirement
Contribution limits apply3
Contributions are tax deductible on state and federal income tax4
Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
Withdrawals can begin at age 59 ½
Early withdrawals subject to penalty5
Mandatory withdrawals at age 70 ½
ROTH IRA
Income limits to be eligible to open Roth IRA3
Contribution limits apply3
Contributions are NOT tax deductible
Earnings are 100% tax free at withdrawal4
Principal contributions can be withdrawn without penalty4
Withdrawals on dividends can begin at age 59 ½
Early withdrawals on dividends subject to penalty5
No mandatory distribution age
No age limit on making contributions as long as you have earned income