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Traditional IRA Account

No IRA setup fees, no IRA administration fees, no annual IRA account maintenance fees.

The SECURE Act 2020 and your IRA

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019 and many of of its provisions took effect on January 1, 2020.

  • Traditional IRA owners can now contribute after age 70½
  • Delayed age for Required Minimum Distributions (RMDs)
  • Distribution taken for birth or adoption
  • Expanded definition of the eligible compensation for Graduate student IRA contributions

Learn more about the provisions of the SECURE Act 2020.

Traditional IRA Account

  • No IRA setup, administration or annual maintenance fees
  • Convenience of payroll allocations and automated deposits
  • Automatic IRA distributions available
  • 10-business-day grace period and automatic renewal on Certificate Accounts
  • Competitive IRA interest rates
  • Knowledgeable, qualified staff
  • Monthly statement

If you and (if married filing a joint tax return) your spouse are not an "active participant" in an employer-sponsored retirement plan, such as a 401(k), your contributions are fully tax-deductible! Otherwise, phase-out rules apply.

Investments grow on a tax-deferred basis. Earnings are taxed only upon withdrawal. We offer Contributory, Rollover, Conduit, and Spousal plans. Untaxed Traditional IRA assets are now generally permitted to be rolled over into a qualified retirement plan (employer plan).

Traditional IRA Account Summary

IRA Account Investment Options

  • Savings Account - $100 minimum deposit or $25 with automated deposits
  • Certificate Accounts - $100 minimum deposit or $25 with automated deposits, 6-month, 1-year and 2-year terms

IRA Interest Rates

IRA / ESA Savings

1.65

%

APY (1.64% rate)



6-Month IRA / ESA

1.70

%

APY (1.69% rate)



1-Year IRA / ESA

1.75

%

APY (1.74% rate)



2-Year IRA / ESA

1.80

%

APY (1.79% rate)

 

Open a Traditional IRA

 

Service your Traditional IRA

 

Additional IRA Information and Help



Traditional IRA Account Tax Deduction

Contributions up to the limit are fully tax-deductible if you are not an active participant in an employer-sponsored retirement plan.

If you are an active participant and a single tax filer, your deductibility phase-out range for tax year 2020 is $65,000 - $75,000, up from $64,000 to $74,000 in 2019.

If you are married and filing a joint return, your deductibility phase-out range for tax year 2020 is $104,000 - $124,000, up from $103,000 to $123,000 in 2019.

Note: For an IRA contributor who is not an active participant and is married to someone who is an active participant, the deductibility phase-out range is $196,000 - $206,000 for 2020 and $193,000 - $203,000 for 2019.

Traditional and Roth IRA Accounts are separately insured to $250,000 by the National Credit Union Administration, an agency of the United States Government. Coverdell Education Savings Accounts are insured under the same provisions as irrevocable trust accounts.