Roth IRA Accounts
No setup, administration or annual maintenance fees are charged on Star One IRA Accounts.
Set up a new IRA and get a $100 bonus
Set up a new IRA with a $2,500 minimum balance by April 15, 2021 and get a $100 bonus.*
- Take advantage of tax benefits and tax-deferred interest
- Have more flexibility and control over your investment
- IRAs are separately insured up to $250,000 by the NCUA
- Watch it grow with compounded interest and competitive rates
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While Roth IRA contributions are not tax-deductible, contributions and earnings can be withdrawn tax-free on qualified distributions.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.
CARES Act, SECURE Act 2020 and your IRA
New legislation in 2020 brings flexibility in how you manage your Star One IRA:
- CARES Act (Coronavirus Aid, Relief and Economic Security Act)
- SECURE Act 2020 (Setting Every Community Up for Retirement Enhancement Act)
Contribution changes
- Traditional IRA contributions can now be made after age 70½
- Expanded definition of the eligible compensation for Graduate student IRA contributions
Distribution changes
- Distributions may be taken for birth or adoption
- Delayed age for Required Minimum Distributions (RMDs)
Learn more about the CARES Act .
Learn more about the SECURE Act 2020.
Roth IRA Accounts
- 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
Roth IRA Account Summary
| 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. |
| Contribution Restrictions: |
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 |
| Tax Deduction: | No |
| IRS Penalties for Early Withdrawal: | None if:
|
| Required Distributions: | Only after death of the participant |
| Contribution Age Limit: | None |
Roth IRA 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
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.
Additional Roth IRA Information and Help
- Make a one-time contribution to your Roth IRA
- Set up automatic contributions to your Roth IRA
- Call us and ask to speak to one of our IRA Specialists
- Read the IRA Account Disclosure
- Compare IRAs
- Learn about Traditional IRA Accounts
- Learn about ESAs (Education Savings Accounts)
- Learn more about Roth IRAs
- Printable IRA and ESA brochures in PDF format
Scam and Fraud Alert
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.