Individual Retirement Accounts (IRA)

Retirement means different things to different people. Opening an IRA is a great start towards financial security. The two most common plans are Traditional IRAs and Roth IRAs. Each plan offers different tax advantages and benefits and we offer savings accounts and certificates for both plans. We’ll help you choose the plan that’s right for you to make the most of your retirement dollars.

Traditional IRA

The Traditional IRA helps you save for your retirement, and contributions may be deductible.


The Traditional IRA helps you save for your retirement, and contributions may be deductible.

  • Individuals under age 70½ with qualifying income may contribute
  • Early withdrawals are subject to 10% penalty unless disabled or paying for qualified expenses (e.g., first home, education)
  • Mandatory distributions at age 70½

Benefits

  • Contributions may be tax deductible
  • Interest grows tax-deferred until withdrawn
  • Funds can be used to purchase a first home ($10,000 lifetime maximum)
  • Funds can be used to pay for qualifying education expenses

Roth IRA

A Roth IRA helps you save for your retirement by sheltering your earnings from income tax

  • Individuals with qualified income may contribute, regardless of age
  • Contributions are nondeductible
  • Early withdrawals of earnings are subject to 10% penalty unless disabled or paying for qualified expenses (e.g., first home)
  • No distribution requirements

Benefits

  • All withdrawals, including earnings, are tax-free if the account has been open at least 5 years and are used for qualified expenses
  • No requirement to withdraw at any age
  • Contributions can be made at any age, with qualified income
  • Funds can be used to purchase a first home ($10,000 lifetime maximum)
  • Funds can be used to pay for qualifying education expenses

IRA Products

IRA Share Savings: The IRA Savings account requires no minimum balance, has no credit union imposed penalty for early withdrawal, and allows for deposits. They are classified as an IRA and therefore are subject to IRS terms and conditions. Because of the increased flexibility, the interest rate is very similar to a regular savings account. View our IRA Share rates .

IRA Certificates of Deposit:An IRA Certificate is basically the same as a regular Certificate of Deposit, except they are classified as part of your IRA and therefore are subject to IRS terms and conditions. As with any certificate, there is a penalty for early withdrawal and there may also be a penalty under IRS law. View our IRA Certificate rates.