IRAs

We offer a variety of Individual Retirement Account (IRA) programs. All are fully insured by ASI to $250,000 per account and an additional $250,000 through Excess Share Insurance Corp., and have no fees or maintenance charges. Click on Savings Rates for current rates on all our deposit accounts.

IRA Certificates

An IRA Certificate offers members the opportunity to deposit their IRA monies into a Certificate Account. IRA Certificates may be opened with a minimum balance of $500 at terms from 12 to 60 months. You select the term that is right for you. The longer the term, the higher the dividend rate for added tax-deferred earnings. IRA Certificates offer the following:

Higher rates of return are available in an IRA Certificate Account than in an IRA Share Account
Flexible terms from 12 months to 60 months
No annual fees for administering the account

Traditional IRA

You can also choose the Traditional IRA that requires no minimum balance or fixed term. This account allows you to earn higher yielding dividend rates that are tax-deferred until withdrawn. It's a terrific way to save for retirement through convenient periodic deposits.

Annual contributions to a Traditional IRA are currently $4,000. Investors age 50 and over can make additional "catch-up" contributions
Contribution is tax deductible to income limit restrictions. Taxes on both contribution and earnings are paid at the time of withdrawal.
Distribution is mandatory at 70-1/2
May be subject to 10% penalty if withdrawals are made prior to 59-1/2.

Roth IRA

Any individual or spouse, employed or not, with no age restriction, can contribute up to $4,000 per year in after-tax dollars in a Roth IRA. While the contribution is not tax-deductible, all earnings are tax-free!

The funds must remain in the account for a minimum of five years.
Funds may be withdrawn for any purpose, starting at age 59 1/2, without paying any taxes whatsoever.
Terms available ranging from 12 months to 60 months.
Account may be retained after 70-1/2
Earnings on contributions may be subject to 10% penalty if withdrawals are made prior to age 59-1/2
Investors age 50 and over can make additional "catch-up" contributions

Education Savings Account(s)

Save up to $2000 a year, per child in special education accounts. Earnings will accumulate tax-free. And if used for education, withdrawals will also be tax-free.

Recipient must be under 18 years of age
All funds must be distributed by age 30
Earnings on contributions may be subject to 10% penalty if withdrawals are used for other than education purposes.

Members' IRA funds on deposit are insured up to $250,000 per account by American Share Insurance, a private insurer, and up to an additional $250,000 through Excess Share Insurance Corp. Your accounts are safe and secure at the credit union, which means you can relax and enjoy the benefits of a good savings plan.