Savings & Checking

Individual Retirement Arrangements

The U.S. Congress created individual retirement arrangements (IRAs) to encourage long-term retirement savings. They are a good addition to an overall retirement package and great for those who are just starting to save. You are eligible to contribute to an IRA at any age, as long as you have reportable earned income.

The best thing about an IRA is the tax benefits that come with it. Dividends are either tax deferred or nontaxed, depending of the type of IRA you open and your income. IRAs are subject to yearly contribution limits that are set by the Internal Revenue Service. They are based on your age and income level.

If you already have an IRA or another eligible retirement account you can roll it over directly to share in our competitive dividend rates.

IRA Savings Account

We offer an IRA savings account that requires no minimum balance. You can add to this account with a payroll deduction of as little as $5 a pay period or you can make deposits in person.

Traditional IRA

Annual contributions to this type of IRA may be partially or fully tax-deductible in the year they're made. Distributions from a traditional IRA are generally taxable upon withdrawal.

Roth IRA

While Roth IRA contributions are not deductible during the year in which they're made, distributions can generally be taken tax-free.

Coverdell Education Savings Accounts

These accounts were created to help parents pay for the education of their dependent children. Earnings will be distributed tax-free if used to pay for elementary school, secondary school or college education expenses.
 
Ask your tax adviser for advice regarding the deductibility of dividends. If you’re still not sure which type of IRA is right for you, come in and speak to one of our member service representatives. They can also help you open your account.
 
All of our share accounts are insured up to $250,000 by the National Credit Union Administration, an agency of the U.S. government. IRAs are insured separately up to an additional $250,000.