Individual Retirement Accounts
An IRA is a special type of savings plan that helps you save for retirement or for your child's education. IRA's are still one of the smartest retirement investments available. IRA's are a secure way to save for the future, require little administration, and are easy to set up. Whether retirement is in your near future or still years away, Credit Union 1 offers a number of ways to help you establish and manage a healthy retirement program - something that is important for everyone. If you are a parent or grandparent, a Coverdell Education Savings Account (ESA) is a great way to save for a child's education. If you want to save for your retirement or for your child's education, an IRA or ESA at Credit Union 1 is the smart way to invest. Plus, with our great rates and flexible terms, it is never too late to start saving for your future.
Credit Union 1 offers IRA Savings Accounts and IRA Certificates of Deposit. All accounts with balances over $50 earn dividends and $1,000 minimum deposit is required to open an IRA Certificate. All accounts offer:
- No application fee
- No maintenance fee
- A variety of terms ranging from 6 months to 5 years
- Automatic renewal with prior notification
Choose from the following options (Please consult your tax advisor about your particular situation):
Traditional IRA. This account offers the advantage of tax-deductible contributions now, building earnings until you need them, and deferring taxes on your earnings until they are withdrawn. Minimum contribution is $1,000.
Roth IRA. A Roth IRA offers flexibility by allowing you to pay taxes now and reap the benefits in the future. Within qualifying limits, Roth IRA contributions and earnings may be withdrawn tax-free. Minimum contribution is $1,000.
Coverdell Education Savings Account (ESA). Formerly known as the Education IRA, the ESA account is perfect if you want to start saving for your child's education. You can contribute up to $2,000 per year to help pay for your child or grandchild's qualified educational expenses, tax-free. Minimum contribution is $1,000.
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