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Traditional vs. Roth IRAs

 

These few key distinctions will help you determine the right account for your retirement goals. As your financial partner, we’re here to help you make informed decisions. Give us a call or stop by your local branch and we can look at which IRA makes sense for you.

Maximum Annual
Contribution2

Tax Benefits3

Earnings

Taxes Upon Withdrawal

Withdrawal
Restrictions

Withdrawals Must
Begin at Age

Minimum Balance
Requirement

Fees

  • $5,500 (if under age 50)
    $6,500 (age 50 and over)

    • Tax-deferred growth
    • Contributions may be tax-deductible

    Grows tax-deferred until withdrawn

    Withdrawals are taxed as income

    Most withdrawals before age 59½ result in IRS penalties

    70½

    • No minimum for IRA Savings Accounts
    • $500 minimum for IRA Certificates

    No set-up or monthly maintenance fees

  • $5,500 (if under age 50)
    $6,500 (age 50 and over)

    • Tax-free growth
    • Tax-free qualified withdrawals

    Grows tax-free

    None, unless taxed for early withdrawals

    Most withdrawals before age 59½ result in IRS penalties

    None

    • No minimum for IRA Savings Accounts
    • $500 minimum for IRA Certificates

    No set-up or monthly maintenance fees

Additional Benefits
Traditional IRAs

Traditional IRA
Savings

APY

A great choice if you want a simple, straightforward IRA with no minimum balance requirement or monthly fees.

Apply

Traditional IRA
Instant Access Savings

up to APY

Your go to option for tiered dividends on higher balances.

Apply

6- to 60-Month Traditional IRA
Share Certificate

APYto APY

These IRAs offer higher dividend rates and no risk of loss to your principal.4

Apply

13- Month Bump-Up Traditional IRA
Share Certificate


APY

You can bump up your rate and balance once during your certificate term5 – great feature for flexibility.

Apply
Roth IRAs

Roth IRA
Savings

APY

Tax deferred3 retirement savings in a simple, straightforward IRA with no minimum balance requirement or monthly fees.

Apply

Roth IRA
Instant Access Savings

up to APY

A great choice if you want money-market like earning on higher balances.

Apply

6- to 60-Month Roth IRA Share
Certificate

APYto APY

An easy way to save with automatic rollovers at maturity and the assurance that there is no risk of loss to your principal.4

Apply

13- Month Bump-Up
Roth IRA Share Certificate


APY

A win, win account with tax deferred1 earning and the option to bump up your rate and balance once during your certificate term.5

Apply

Our IRA Rates

Articles

Knowledge base

Are IRA funds insured?

All deposited funds with us are federally insured by the NCUA.

Knowledge base

Can I open an IRA with someone else?

IRAs can only be opened with one owner.

Knowledge base

Do you have more IRA questions?

Visit our Retirement Center for more details.

1Annual Percentage Yield

2The maximum can be contributed to one or the other or split between both a Traditional and Roth account.

3Please consult with your professional tax advisor.

4For all certificate accounts, if you withdraw any portion of your principal before maturity, you may be charged a penalty of up to six month's dividends; however, there is no risk of loss to your principal. Required minimum distributions must begin at age 70 1/2 for Traditional IRAs. Required minimum distributions are not subject to early withdrawal penalties.

5Account owner must initiate the rate bump. One bump per current term and one additional deposit per term allowed, up to the original amount of the certificate at the start of the current term.

6Please consult with your professional tax advisor.