Individual Retirement Accounts (IRAs)

• Competitive dividends above standard savings rates
• Traditional and Roth IRA options
• No setup fees
• Low $15 annual maintenance fee
• $5 minimum deposit to open for shares
• $500 minimum deposit to open for certificates

Earn More

Earn more on your IRA share certificate with our Thank You for Being a Member Program. Just add additional services to earn more. Eligible services are:

• Direct deposit
• Kasasa® checking account
• MFCU Mastercard®
• Money market account
• Total deposit of $20,000 or more

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement. 

Traditional IRA

• No income limits to open
• No minimum contribution requirement
• Contributions are tax deductible on state and federal income tax*
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty**
• Mandatory withdrawals at age 70 ½

Roth IRA

• Income limits to be eligible to open Roth IRA***
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal*
• Principal contributions can be withdrawn without penalty*
• Withdrawals on interest can begin at age 59 ½
• Early withdrawals on interest subject to penalty**
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***Consult a tax advisor.

• Set aside funds for your child's education
• No setup or annual fee
• Dividends grow tax-free
• Withdrawals are tax-free and penalty-free when used for qualified education expenses*
• Designated beneficiary must be under 18 when contributions are made
• To contribute to an ESA, certain income limits apply**
• Contributions are not tax deductible
• The money must be withdrawn by the time he or she turns 30***
• The ESA may be transferred without penalty to another member of the family
• $5 minimum deposit to open for shares
• $500 minimum deposit to open for certificates  

*Qualified expenses include tuition and fees, books, supplies, board, etc.

**Consult your tax advisor to determine your contribution limit.

***Those earnings are subject to income tax and a 10% penalty.