ROTH IRA – This type of IRA allows earnings to grow tax-free and there is no age requirement for withdrawals. Although this particular IRA is not tax deductible, it does offer some advantages over a Traditional IRA. One of the benefits for some is the provision for “qualified distributions.” A qualified distribution from a Roth IRA is allowed if the account has been open for at least 5 years and you are either older than 59 1/2, disabled, or a first-time home buyer ($10,000 lifetime withdrawal limit). Another benefit of the Roth IRA is that there is no required distribution, so if you don’t need the money, you do not have to take any withdrawals from the account.
Because IRAs have many different features and deposits are based on your individual situation, please contact a qualified tax professional to discuss your options first, then visit one of our Membership Services staff members to open your IRA account.
|IRA Savings ($500 minimum for dividend)||0.350||0.350||n/a|
|12 Month Certificate with $500 Minimum Balance (Education IRA)*||0.250||0.250||12 months|