No setup, administration or annual maintenance fees are charged on Star One IRA Accounts.
Set up a new IRA with a $2,500 minimum balance by April 15, 2021 and get a $100 bonus.*
Roth IRA Accounts may offer greater tax savings and withdrawal flexibility than a Traditional IRA. Both Contributory and Conversion plans are available.
While Roth IRA contributions are not tax-deductible, contributions and earnings can be withdrawn tax-free on qualified distributions.
Roth IRA Accounts have no mandatory annual distribution requirements and you can contribute beyond age 70½. Eligibility depends on income.
New legislation in 2020 brings flexibility in how you manage your Star One IRA:
Learn more about the CARES Act .
Learn more about the SECURE Act 2020.
|Qualifications:||Must have earned income. There are no age restrictions.|
|Maximum Contributions:||2021: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year)
2020: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year)
|2020 Contribution Deadline:||April 15, 2021|
|Tax Status of Earnings:||Earnings grow tax-deferred. Tax-free on qualified withdrawals.|
|Nonrefundable Tax Credit:||You may be eligible to receive a credit (not to exceed $1000) on your contribution if you meet certain requirements.|
Yes, 2021 contributions phase out between $125,000 - $140,000 for singles and $198,000 - $208,000 for married couples filing jointly. Married filing separate phase-out: $0 - $10,000
Yes, 2020 contributions phase out between $124,000 - $139,000 for singles and $196,000 - $206,000 for married couples. Married filing separate phase-out: $0 - $10,000
|IRS Penalties for Early Withdrawal:||None if:
|Required Distributions:||Only after death of the participant|
|Contribution Age Limit:||None|
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.
* Offer applies to new Contributory Traditional and Roth IRAs or additional contributions to existing Star One IRAs from external funds, transfer or rollover from employer plans or outside IRAs. Transfers from existing Star One IRAs and accounts do not qualify. The minimum of $2500 qualifying assets is the total amount of your deposits and transfers minus any withdrawals. Funding must occur within 90 days of IRA opening. Offer not valid for ESAs. Limit one bonus per member per 12-month period. Bonus will be deposited into your new Star One IRA. Bonus will not be reported to the IRS as an IRA contribution and any taxes related to the bonus are your responsibility. Other terms and conditions or eligibility criteria may apply. Promo Code IRA BONUS.
IRA / ESA Savings
APY (0.50% rate)
6-Month IRA / ESA
APY (0.50% rate)
1-Year IRA / ESA
APY (0.55% rate)
2-Year IRA / ESA
APY (0.60% rate)
Additional Roth IRA Information and Help
Remember that Star One employees will never call you to verify or ask for your personal information.
Providing your personal information, such as card PINs, online banking credentials or one-time passcodes, to anyone may make you responsible for any fraudulent activity that happens on your Star One accounts.