Retirement Savings Benefits
Individual Retirement Account (IRA) is a way to save for retirement. Both Traditional and Roth IRAs offer tax incentives to help save money.
The IRA Difference
IRAs can help you plan for retirement and for higher education expenses for your dependents. The benefits associated with IRAs are amazing and should make you feel like you "need" an IRA rather than just "want" one. If you can afford to invest money, you will benefit from the tax savings and compound interest earnings of IRAs. Some differences between an IRA and a regular savings account are:
- An IRA allows you to contribute money into an account that holds earnings, tax-deferred, until you choose to withdraw your money. When you withdraw money from the IRA, you will have to pay taxes based on the tax bracket you are in at the time of withdrawal. In most cases, when you retire and you are over the age of 59 1/2, you will be in a lower tax bracket than when you are working. With a regular savings account, interest earnings are not tax-free.
- When contributing funds to an IRA, you can invest in a multitude of investments. With these investments, an IRA will fluctuate with the various markets and interest rates. Some examples of IRA investments are: stocks, bonds, mutual funds, certificates of deposit (CDs), and money market deposit accounts. Generally, based on the historical performance of the stock market, returns of investment vehicles such as mutual funds have out-performed returns of savings accounts.
- Regular savings accounts can usually be withdrawn from any time. With IRAs, withdrawals are limited.
- IRAs have a set limit of contributions that can be made each year. With a regular savings account, you are able to contribute as much as you can afford each year.
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Preferred Checking49
Free
Name It Save It24
$0 to open
Share Certificates16
$500 Minimum
Rates51 as of 03/23/2025
| Account | APY24 | Dividend Rate24 |
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Rates51 as of 03/23/2025
| Account | APY24 | Dividend Rate24 |
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Disclosures
24. The dividend rate and annual percentage yield may change at any time as determined by the credit union's board of directors. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The dividend rate and annual percentage yield are the prospective rate and yield that the credit union anticipates paying for the applicable dividend period. Dividends begin to accrue on noncash items (i.e. checks) on the business day you make the deposit to your account. If you close your account before dividends are credited, accrued dividends will not be paid. Fees may reduce the earnings on any account.
27. An early withdrawal penalty will be imposed if Share Certificate funds other than credited dividends are withdrawn before the maturity date. A certificate may not be reduced below the required minimum balance. Share Certificates and HSA Certificates with terms of 24 months or less will forfeit 90 days of dividends whether earned or unearned. Share Certificates and HSA Certificates with terms greater than 24 months will forfeit 182 days of dividends whether earned or unearned. 91 Day Jumbo Certificates will forfeit 7 days of dividends whether earned or unearned.
36. 19 month and 91 Day Certificate not available for IRA.
51. Rates are subject to change without notice.
54. Balances on Savings, Sub Savings, Name It Save It, IRA, Health Savings (HSA), and Johnny Appleseed accounts are calculated using the average daily balance method. The average daily balance method applies a periodic rate to the average balance in the account for the dividend period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. Balances on Premier Savings, Performance Plus, and Advantage Money Market accounts are calculated using the daily balance method. The daily balance method applies a daily period rate to the balance each day.
55. Free transfers from a money market or a savings account to another account or to third parties by preauthorized, automatic, internet, telephone, or other electronic means, along with checks and debit cards, are limited to six per calendar month or statement cycle. Daily withdrawal limitations apply for ATM and Point of Sale (POS) transactions.