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IRA (Individual Retirement Account)

An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. The three main types of IRAs each have different advantages:

  • Traditional IRA - You make contributions with money you may be able to deduct on your tax return, and any earnings can potentially grow tax-deferred until you withdraw them in retirement. Retirees also find themselves in a lower tax bracket than they were in pre-retirement, so the tax-deferral means the money may be taxed at a lower rate.
  • Roth IRA - You make contributions with money you’ve already paid taxes on (after-tax), and your money may potentially grow tax-free, with tax-free withdrawals in retirement, provided that certain conditions are met.
  • Rollover IRA - A Traditional IRA intended for money "rolled over" from a qualified retirement plan. Rollovers involve moving eligible assets from an employer-sponsored plan, such as a 401(k) or 403(b), into an IRA.

Whether you choose a Traditional or Roth IRA, the tax benefits allow your savings to potentially grow, or compound, more quickly than in a taxable account.

Current Deposit Rates

Type of PlanAccount Balance RangeAnnual Dividend RateAnnual Percentage Yield (APY)
Regular Share Savings Account/ Christmas Club Share Savings Account
.04%.04%
Money Market Share Savings Account
Up to $24,999.99.60 %.60%
$25,000-$49,999.99.95%.95%
$50,000-$149,999.991.10%1.10%
$150,000-$499,999.991.60%1.61%
$500,000 - and over2.75%2.79%
IRA Savings Account
Effective March 3, 2020
$100 - and over.28 %.28%
IRA Certificates
12 month certificate2.70%2.73%
18 month certificate2.70%2.73%
24 month certificate2.80%2.83%
30 month certificate 3.55%3.65%
36 month certificate2.95%3.00%
48 month certificate3.00%3.04%
60 month certificate3.05%3.09%
Share Certificates
Special5 month certificate4.90%5.00%
6 month certificate 1.98%2.00%
Special11 month certificate4.65%4.75%
12 month certificate2.70%2.73%
18 month certificate2.70%2.73%
24 month certificate2.80%2.84%
Special30 month certificate3.55%3.65%
36 month certificate2.95%3.00%
Special44 month certificate4.34%4.44%
48 month certificate3.00%3.04%
60 month certificate3.05%3.09%
Step Up CheckingUp to $24,999.99.25%.25%
$25,000-$49,999.99.60%.60%
$50,000-$149,999.99.75%.75%
$150,000 and over1.15%1.16%

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American Share Insurance

ACCOUNTS INSURED UP TO $500,000

American Share Insurance insures each account up to $250,000. Excess Share Insurance Corporation provides up to an additional $250,000 of insurance per account.

MEMBERS’ ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY.

THIS INSTITUTION IS NOT FEDERALLY INSURED.

 

ESI Logo - Excess Share Insurance