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IRAs

Start planning for a comfortable retirement now with an Individual Retirement Account (IRA).

It's never too early to start savings for retirement — the earlier the better. Your savings will compound interest over time and your nest egg will grow exponentially larger!

Traditional vs. Roth

There are two primary types of IRA accounts and you will have to choose which one you want to designate your retirement account as. There are contribution restrictions and tax benefits to each. There is no monthly/annual fees for these accounts assessed by the Credit Union. Contact a tax adviser for the best IRA option for you and your family.

Traditional IRA

  • Contributions are often tax-deductible - you pay less in income taxes in the year for which you made the contribution
  • You are eligible if you have earned compensation
  • Earnings are tax deferred until time of withdrawal
  • "Catch up" contributions available to those 50 years of age

Roth IRA

  • Contributions (not earnings) without penalty can be withdrawn at any time
  • You must have earned income in order to open a Roth IRA
  • There is no mandatory distribution age
  • Early withdrawals of earnings can result in tax and a penalty

IRA Savings vs. IRA Certificate

Members can choose for their IRA to be a savings accumulation account or open an IRA Certificate. The accounts can be funded with cash or a transfer from an IRA account at another financial institution.

IRA Savings

An IRA Savings Account can be a great tool if you want to start saving from scratch to eventually invest in an IRA Certificate. There is no minimum balance requirements, and if you have direct deposit with us, deposit a fixed amount into your IRA savings each pay to build it up! IRA Savings accounts have a variable rate, no fixed term, and dividends are paid quarterly.

Effective Mar 1, 2014
IRA Savings Rates
Min Bal* Dividend Rate APY**
$100.00 0.25% 0.250%
$10,00.01 0.25% 0.250%
$25,000.01 0.25% 0.250%
*Minimum balance to earn dividends.
**APY=Annual Percentage Rate

IRA Certificate

An IRA Certificate allows you to earn higher dividends than IRA Savings Accounts. Terms and interest rates reflect the same terms and rates available on Certificates of Deposit. The minimum balance to open an IRA Certificate is just $500.

Effective Feb 1, 2017
Share/IRA Certificate Rates
Term Min Deposit Dividend Rate APY*
3 Month $500.00 0.50% 0.501%
6 Month $500.00 0.75% 0.751%
12 Month $500.00 1.00% 1.000%
18 Month $500.00 1.25% 1.250%
24 Month $500.00 1.35% 1.350%
36 Month $500.00 1.75% 1.750%
48 Month $500.00 1.90% 1.900%
60 Month $500.00 2.25% 2.250%
*APY=Annual Percentage Yield
To get started on opening an Eagle One IRA, contact us today.

funding your account

Tips for Success

Be sure to check out our tips on Planning for Retirement.

Eligibility requirements determine how much the individual can contribute to the IRA. There are no minimum balances required to open an IRA Savings. To contribute to an IRA, members must fill out the designated contribution form each time they deposit or transfer into these accounts.