If you want to retire with confidence, not concern, then an Individual Retirement Account can help.
Our staff will provide you with access to the MEMBERS Financial Services Program Representative that serves our Credit Union. We offer a variety of options for your personal retirement plan.
Remember to think about the risks that you may face in the future:
- Inflation
- Fluctuating investment returns
- Rising health care costs
- Outliving your assets
- Taxes
- Tax law changes
But don’t worry. The MEMBERS Financial Services Program Representative can help you control your risks, find the best options for investing, and find the best way to roll over your 401(k).
Choose Your Account Type
We offer both Accumulation Savings IRAs and Share Certificate IRAs.
An Accumulation Savings IRA is a variable rate account that allows for frequent, regular deposits. It is excellent for payroll deductions. Rates can fluctuate on a monthly basis and the minimum deposit is $10.00.
An IRA Share Certificate is a fixed rate account that is designed for a one-time deposit. The minimum deposit for an IRA Share Certificate is $250. Rates for this account are “locked in” for the length of the maturity period and the dividends are compounded on a quarterly basis. Learn more about Share Certificates.
You may classify your account as a Roth or Traditional IRA.
In a Roth IRA, the funds deposited are not tax deductible. The earnings, however, are tax-free and distributions are tax-free when withdrawn after 5 years and after the age of 59 1/2. There are income limitations that can change annually, so consult your tax advisor for more information.
In a Traditional IRA, the funds deposited are tax deductible. When the funds are withdrawn during retirement, however, income tax will be due on the full withdrawal.
There are income limitations and contribution limits that can change annually, so consult your tax advisor for more information.
Already have an IRA?
You can rollover or transfer an existing IRA or lump sum to a new IRA at your credit union without withdrawing funds from the IRA.
IRA Dividend Rates
Effective January 11, 2023| Min Balance | Dividend Rate | APY* | |
|---|---|---|---|
| Accumulation IRA (variable rate) | $10 | 0.15% | 0.150% |
| 12-Month Certificate | $250 | 1.00% | 1.01% |
| 18-Month Certificate | $250 | 1.45% | 1.451% |
| 24-Month Certificate | $250 | 2.00% | 2.02% |
| 48-Month Certificate | $250 | 2.45% | 2.456% |
| *APY=Annual Percentage Yield. A penalty of 180 days dividend is imposed for early withdrawal for all IRA Share Certificate terms except for 12 month certificates, which have a 90 day dividend penalty. A $10.00 penalty is imposed on all IRA accounts withdrawn for transfer to another financial institution. |
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