IRAs
Plan for retirement or save for your child’s educational expenses.
An Individual Retirement Account (IRA) helps you prepare for your future, while a Coverdell Education Savings Account (ESA) can help you save for a child’s education. More than savings, grow your investment with earned interest. The money you set aside today can make a big difference tomorrow!
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Even if retirement seems a long time away, plan to start saving sooner rather than later to match your current lifestyle to your future goals. There are two basic options for Individual Retirement Accounts: Traditional IRAs and Roth IRAs. We offer IRA Savings Accounts and IRA Certificates for both Traditional and Roth IRAs.
Traditional IRA | Roth IRA | |
---|---|---|
Requirements |
Initial deposit of $250 No age limit |
Initial deposit of $250 No age limit |
Contributions & Earnings |
Contributions are made with earned income and may be partly or fully tax deductible. Earnings grow tax-deferred until withdrawn. |
Contributions are made with after-tax dollars. Earnings grow tax-free and distributions may be tax-free if certain guidelines are met. |
Distributions | Required minimum distributions beginning at age 72. | No required distributions; greater flexibility. |
Our Member Service Representatives can show you options to meet your financial goals. Please contact us at 800-442-7792, use the Open an Account form, or visit a branch near you to get started. Consult your tax advisor.
Current Rates
IRA Certificates
Minimum Balance $250
Quarterly Posted Dividend Certificates
Term (Months) | Compound Dividend Rate | Annual Percentage Yield (APY) |
---|---|---|
3 | 0.20% | 0.20% |
6 | 0.30% | 0.30% |
12 | 0.40% | 0.40% |
18 | 0.50% | 0.50% |
24 | 0.55% | 0.55% |
30 | 0.60% | 0.60% |
36 | 0.75% | 0.75% |
48 | 0.85% | 0.85% |
60 | 0.95% | 0.95% |
IRA Plus Certificates
Minimum Balance $10,000
Quarterly Posted Dividend Certificates
Term (Months) | Compound Dividend Rate | Annual Percentage Yield (APY) |
---|---|---|
3 | 0.35% | 0.35% |
6 | 0.45% | 0.45% |
12 | 0.55% | 0.55% |
18 | 0.65% | 0.65% |
24 | 0.70% | 0.70% |
30 | 0.75% | 0.75% |
36 | 0.90% | 0.90% |
48 | 1.00% | 1.00% |
60 | 1.10% | 1.10% |
A Coverdell Education Savings Account (ESA) is a type of IRA that allows you to save money for higher education or qualified elementary and secondary school expenses and pay for qualified education expenses tax-free.
- Minimum opening deposit $250
- Contribute up to $2,000 per child annually
- Contributions are not allowed after the child reaches age 18 (except for special needs beneficiaries)
- Qualified expenses include tuition, fees, books, computer equipment and technology required for elementary, secondary and post-secondary education
Learn more: Coverdell Education Savings Accounts – Answers to Your Questions
Our Member Service Representatives can show you options to meet your financial goals. Please contact us at 800-442-7792, use the Open an Account form, or visit a branch near you to get started. Consult your tax advisor.