Plan today for a better tomorrow
Save for your future with special tax advantages.
Choose a Traditional IRA, Roth IRA, or Coverdell Education Savings Account (ESA), and save in a variable-rate IRA/ESA Savings account or a fixed-rate IRA/ESA Certificate.
Traditional IRA
A Traditional IRA offers tax-deferred earnings and the possibility for tax-deductible contributions. All earnings in the Traditional IRA are not taxed until they are withdrawn.*
Roth IRA
The Roth IRA allows you to contribute (depending on your income) after-tax dollars with earnings growing tax free. You pay no taxes when you withdraw the money, provided that you have had the account for at least five years and you’re age 59 or older. In addition, you may withdraw without penalty, up to $10,000 for a first-time home purchase. Another Roth IRA benefit is that you don’t have to begin withdrawing money at age 70-1/2, unlike a traditional IRA.*
Coverdell ESA
Save for a child’s higher education expenses. You can invest up to $2,000 a year per child younger than 18, depending on your income. Earnings on Coverdell Education Savings Account (ESA) contributions grow tax free. You cannot deduct contributions; however, when you withdraw funds, you pay no taxes or withdrawal penalties if they’re used for qualified higher education expenses before the beneficiary reaches age 30. Unused funds, however, may be rolled over to an ESA for another child.*
Current Rates on IRA & ESA Options
Dividend Rate | Annual Percentage Yield | Min Opening Balance | Min Daily Balance |
|---|---|---|---|
*The minimum balance required to earn dividends | |||
0.25 | 0.25 | $25 | $100* |
Certificate Accounts | Balance | Dividend Rate | Annual Percentage Yield | Min Opening Balance | Dividend Compounded and Credited |
|---|---|---|---|---|---|
6 Month Certificate | $500 – $74,999.99 | 3.45 | 3.50 | $500
| Monthly |
$75,000+ | 3.93 | 4.00 | $500 | Monthly | |
12 Month Certificate | $500 – $74,999.99 | 2.96 | 3.00 | $500 | Monthly |
$75,000+ | 3.45 | 3.50 | $500 | Monthly | |
18 Month Certificate | $500 – $74,999.99 | 3.35 | 3.40 | $500 | Monthly |
$75,000+ | 3.59 | 3.65 | $500 | Monthly | |
24 Month Certificate | $500 – $74,999.99 | 3.54 | 3.60 | $500 | Monthly |
$75,000+ | 3.78 | 3.85 | $500 | Monthly | |
36 Month Certificate | $500 – $74,999.99 | 3.15 | 3.20 | $500 | Monthly |
$75,000+ | 3.40 | 3.45 | $500 | Monthly | |
48 Month Certificate | $500 – $74,999.99 | 3.06 | 3.10 | $500 | Monthly |
$75,000+ | 3.30 | 3.35 | $500 | Monthly | |
60 Month Certificate | $500 – $74,999.99 | 2.96 | 3.00 | $500 | Monthly |
$75,000+ | 3.20 | 3.25 | $500 | Monthly | |
How much will my IRA be worth at retirement?
Use our retirement calculators to help determine which type of IRA suits you best and to help set your retirement savings goals.
Frequently Asked Questions
An IRA account at the credit union is an insured tax shelter. You can make deposits into it and have them insured up to $250,000. The rate of return on IRAs at the credit union are set by the credit union and you have a choice to use the IRA Share Savings, and/or an IRA Certificate of Deposit. Your employer would be the best source of information on what they offer.
This amount is determined by the IRS and can be found here: IRS – IRA Contribution Limits
You can take a withdrawal at any time, but there may be tax implications for doing so if it is before retirement age. We do not provide loans from IRAs at the credit union.
Both Traditional and Roth IRAs provide tax breaks. But it’s a matter of timing when you get to claim them. Traditional IRA contributions are tax-deductible on both state and federal tax returns for the year you make the contribution; withdrawals in retirement are taxed at ordinary income tax rates. Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free. Please consult your tax professional or financial planner for further guidance.
Open an IRA or ESA
Visit any of our branches:
Old Town: 221 NW 2nd Ave, Ste 100
Mississippi: 3904 N Mississippi Ave
Division: 3354 SE Division St
Disclosures
*Consult your tax advisor for information.