Individual Retirement Account

You can choose a Share Account for your Traditional IRA that requires a low $50 minimum opening balance. This account is a quarterly share account that yields dividend earnings that are tax-deferred until withdrawn. It's a terrific way to save for retirement through convenient periodic deposits. As your account balance grows, you may want to add a Traditional IRA Certificate with minimum balances from $500 to $1,000 to maximize your earnings.

• Annual maximum contributions to a Traditional IRA are currently $6,500. Investors age 50 and over can make additional "catch-up" contributions up to a maximum of $1,000 which can be limited by earned income.
• The annual max contribution limit includes the total accumulation of all your regular contributions for both your Traditional and Roth IRAs, for the same tax year.  
• Starting in 2020, Traditional IRAs no longer have an age restriction for regular contributions.
• Your contributions are tax deductible up to certain income limit restrictions. Taxes on both contribution and earnings are paid at the time of withdrawal.
• You may have a penalty for early withdrawals prior to age 59 1/2.
• Required Minimum Distributions are generally mandatory at age 73.
• Traditional IRA funds can be invested in a Share IRA, which has the same dividend rate as the regular Share Savings Account, or in IRA certificates, which have the same dividend rates as the Term Share Certificates. (See our Share Rates page for current rates.)
• A $10 annual fee is charged on IRAs that have a balance of less than $2,500 at the end of each year.

You can choose a Share Account for your Roth IRA that requires a low $50 minimum opening balance. This account is a quarterly share account that yields dividend earnings that are tax-deferred until withdrawn. It's a terrific way to save for retirement through convenient periodic deposits. As your account balance grows, you may want to add a Roth IRA Certificate with minimum balances from $500 to $1,000 to maximize your earnings. While the contributions to a Roth IRA are not tax-deductible, all earnings are tax-free when withdrawn according to government guidelines.

• It should be noted that the eligibility to contribute to a Roth IRA is based on your income level. To contribute to a Roth IRA, single tax filers must have a modified adjusted gross income (MAGI) of less than $153,000 or if married and filing jointly, your joint MAGI must be under $228,000 for the tax year 2023.  
• Annual maximum contributions to a Roth IRA are currently $6,500. Investors age 50 and over can make additional "catch-up" contributions up to a maximum of $1,000 which can be limited by earned income.
• The annual max contribution limit includes the total accumulation of all your regular contributions for both your Traditional and Roth IRAs, for the same tax year.
• There is no age restriction for regular contributions to your Roth IRA.
• Earnings on contributions may be subject to a 10% penalty if withdrawals are made prior to age 59 1/2.
• After satisfying the Roth 5-Year Rule, funds may be withdrawn for any purpose, starting at age 59 1/2, without paying any taxes whatsoever.
• Roth IRA funds may be invested in a Share IRA, which has the same dividend rate as the regular Share Savings Account, or in IRA certificates, which have the same dividend rates as the Term Share Certificates. (See our Share Rates page for current rates.)
• A $10 annual fee is charged on IRAs that have a balance of less than $2,500 at the end of each year.

In addition to Share Account IRAs, IRA Certificates offer members the opportunity to deposit their IRA money into a Certificate Account. IRA Certificates are available with terms from 6 to 60 months. You select the term that is right for you. The longer the term, the higher the dividend rate for added tax-deferred earnings.  IRA Certificates offer the following:

• Higher rates of return are available in an IRA Certificate Account than in an IRA Share Account.
• Flexible terms from 6 months to 60 months.
• Minimum balances range from $500 to $1,000.
• Variable rate IRA Certificates are also available.

$10 IRA Annual Fee is waived if account balance is greater than $2,500.  If IRA is closed within 12 months of opening, there is a $50.00 fee per IRA.