IRA Savings
Our IRA savings accounts help you build a strong foundation for retirement. We make it easy to save at your own pace, with reliable growth and benefits designed to support your long-term financial goals.
IRA Savings Accounts
It’s never too early to start saving for your future.
Individual Retirement Account Rates
| Product | Term | APY* | Interest Rate | Interest Paid | Minimum Opening Deposit |
|---|---|---|---|---|---|
| Traditional Share | None | 0.15% | 0.14990% | Monthly | $5.00 |
| Roth | None | 0.15% | 0.14990% | Monthly | $5.00 |
| Education | None | 0.15% | 0.14990% | Monthly | $5.00 |
*APY = Annual Percentage Yield
A penalty may be imposed for early withdrawal.
Traditional IRA Accounts
Each year you may contribute all or part of your compensation up to a maximum of $7,500 if you are under age 50 (over age 50 the maximum is $8,600) subject to certain income limitations. These maximum limits change each year. All or a portion of your IRA contribution may be tax deductible based on your income and active participation in employer-sponsored retirement plans. Anyone may make a non-deductible contribution to help save for retirement. All earnings on your IRA are tax-deferred until you make withdrawals from your account. This means you earn more and your money grows faster because of the added benefit of compounding.
ROTH IRA's
You may make annual contributions up to a maximum of $7,500 if you are under age 50 (over age 50 the maximum is $8,600). These maximum limits change each year. Unlike Traditional IRAs, Roth IRAs do not have a Required Minimum Distribution once you have attained a certain age set by IRS guidelines and requirements.
Contributions to ROTH IRA’s are non-deductible from Federal Income Tax. But, as with Traditional IRA accounts, earnings accumulated are tax-deferred. Once the account has been opened for five consecutive tax years, owners may take tax-free distributions if they meet certain criteria.
Education IRA's
The Education IRA’s sole purpose is to help you pay for your child’s qualified education expenses such as tuition, room and board and books. You may contribute up to $2,000 per year, per child until the child is age 18, if you meet certain income requirements. Unlike Traditional IRA’s, your contributions to an Education IRA are never tax-deductible. However, an Education IRA offers you the potential for tax-free withdrawals, including earnings.
For additional information specific to your needs, please visit one of our statewide locations, or call 401-397-1900 or 877-397-1900 and speak to a Member Service Representative or an IRA Specialist.