Roth IRA Accounts may offer greater tax savings and withdrawal flexibility than a Traditional IRA.
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While Roth IRA contributions are not tax-deductible, contributions and earnings can be withdrawn tax-free on qualified distributions.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:||2020: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year)
2019: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year)
|2019 Contribution Deadline:||July 15, 2020|
|Tax Status of Earnings:||Earnings grow tax-deferred. Tax-free on qualified withdrawals.|
Yes, 2020 contributions phase out between $124,000 - $139,000 for singles and $196,000 - $206,000 for married couples filing jointly. Married filing separate phase-out: $0 - $10,000
Yes, 2019 contributions phase out between $122,000 - $137,000 for singles and $193,000 - $203,000 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.
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
Please remember that Star One employees will never call you to verify or ask for your personal information.
Hang up immediately if someone claiming to be a Star One employee asks for any banking information—such as your Online Banking login information, account numbers, card PINs, or one-time passcodes.
A fraudster may try to reassure you that it's OK to share your information—please hang up, it's not OK.
Several Star One members have received phone calls from a person claiming to be a Star One employee—with a caller ID forged to look like a Star One phone number—and whose goal is to gain access to members' bank accounts online.