Start saving for retirement now — so you can be there for the moments that matter.
Key Features
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Competitive Dividends
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No Setup or Maintenance Fees
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Tax Advantages*
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- 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- Principal contributions can be withdrawn without penalty*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- The money must be withdrawn by the time he or she turns 30***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.
Pida información
View our Truth in Savings Disclosure.