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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Yields Up To
0.80 %
APY1

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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.

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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.

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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Principal contributions can be withdrawn without penalty4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

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1. APY=Annual Percentage Yield.
2. Consult a tax advisor.
3. 2Refer to the IRS website for current limits.
4. Subject to some minimal conditions. Consult a tax advisor.
5. Certain exceptions apply, such as healthcare, purchasing first home, etc.