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- Principal contributions can be withdrawn without penalty*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.
