It’s never too soon to start saving for the future.
Whether you’re planning ahead for your child’s educational expenses or your own retirement, an Individual Retirement Account (IRA) from Community Resource Credit Union is a smart choice. Choose the IRA that’s best for you.
Traditional IRAs
Traditional IRAs1 are potentially tax-deferred retirement plans; you don't pay taxes on your contributions until you withdraw the funds. Contributions can be made as long as you have earned income.
Features:
- Annual Investment Limits:
• $6,000 if age 49 or younger
• $7,000 if age 50 or older - After the age of 72, you will be required to take annual distributions
- $100 opening deposit
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Individuals may open and fund IRAs without any employer participation
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Earnings potentially remain tax-deferred until distributed
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Eligible individuals can make deductible contributions
- Interest is compounded and credited monthly
- Maximum yearly contribution limits and spousal IRA rules apply
- Contact us for transfer and rollover options
Roth IRAs
Roth IRAs2 tax contributions are not tax-deductible, but you can withdraw the funds tax-free when you retire. Contributions can be made as long as you have earned income.
Features:
- You contribute with money you’ve already paid taxes on, and withdrawals may be tax free and penalty free*
- No monthly service fee
- Available as an IRA Certificate of Deposit
- Interest is compounded and credited monthly
- $100 opening deposit
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Individuals may open and fund a Roth IRA without any employer participation
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Allows contributions to grow tax-deferred & earnings remain tax-deferred until distributed
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The principal amount is never subject to future taxes or penalties as long as owners remain within the contribution guidelines
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No annual contribution requirement
IRA Savings Account includes:
Great Dividend Rates
Dividends Paid Quarterly
Federally insured by the NCUA
Outstanding Member Support
No Account Fees
Saving Options to Fit Your Saving Goals.
- Ideal for short-term savings goals
- No monthly service fee
- Can be accessed anytime to make deposits or withdrawals without penalties
- Provides Overdraft Protection for checking accounts
- Free debit card
What is the difference between an IRA Savings Account and an IRA Certificate?
Only $5 is required to open an IRA Savings Account. Just like a regular savings account, you can make deposits and watch your balances grow in these accounts. All other IRA certificates require a starting balance of $100 or more and no additional contributions can be made until maturity. Keep in mind, however, that there are early-withdrawal fees and penalties with both IRA Savings Accounts and with IRA Certificates.
Featured IRA Certificate Rates
1Earnings (interest you earn) are tax-deferred until you start withdrawing funds. The IRS limit for both 2019 and 2020 is $6,000 for both the traditional and the Roth IRA combined. If you're aged 50 or older, a catch-up provision allows you to put in an additional $1,000, for a combined total of $7,000. Contributions may be fully or partially tax-deductible. Consult your tax advisor about IRA eligibility, contribution qualifications and earnings.
2Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) Consult your tax advisor about IRA eligibility, contribution qualifications and earnings. *APY = Annual Percentage Yield. Minimum $100 deposit required and minimum $100 balance required to earn advertised APY. Penalty for early withdrawal. Fees may reduce earnings. APYs, terms and conditions are accurate as of 11/06/24 and are subject to change without notice. CRCU membership required.
Open Your IRA Account Today!
FAQs
Traditional IRA - Frequently Asked Questions
What is an IRA?
It is a tax-advantaged account that is designed to help you save for retirement.
How can I invest my money at CRCU in an IRA?
We offer savings and CDs in both Traditional and Roth types of IRAs
What is the difference between a Traditional and a Roth IRA?
The main difference is the type of tax advantages each offers.
What are the tax advantages of the Traditional IRA?
Your money is tax deferred until it is withdrawn.
Can I contribute to an IRA?
Yes, if you have taxable compensation and your Modified Adjusted Gross Income is below a certain amount. For IRA purposes, compensation generally is defined as what you earn from working and includes wages, salary, tips, commissions, bonuses, and self-employment income, but not investment or pension income. Consult your tax advisor for details.
Roth IRA - Frequently Asked Questions
Can I contribute to a Roth IRA?
Yes, if you have taxable compensation and your Modified Adjusted Gross Income is below a certain amount. For IRA purposes, compensation generally is defined as what you earn from working and includes wages, salary, tips, commissions, bonuses, and self-employment income, but not investment or pension income. Consult your tax advisor for details.
What is an IRA?
It is a tax-advantaged account that is designed to help you save for retirement.
What how can I invest my money at CRCU in an IRA?
We offer savings and CDs in both Traditional and Roth types of IRAs.
What is the difference between a Traditional and a Roth IRA?
The main difference is the type of tax advantages each offers.
Do I have to take Required Minimum Distributions like with a Traditional IRA?
No.