Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Gain tax-saving advantages while securing a strong foundation for your retirement. There are no setup fees to get your IRA started with ACCU, and it only takes a $50 deposit to open. We make it easy to get started, so you can finish strong.

Summary
  • Tax-advantaged retirement savings
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRAs
  • No setup or maintenance fees
  • Only $50 minimum deposit to open
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • IRA Certificates available
  • Only $500 minimum to open
  • 1-year to 5-year terms
  • See our current rates.

Federally insured by the National Credit Union Administration to $250,000.

Excess coverage up to $200,000 by American Share Insurance.

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is when 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
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.