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 Plan | Account Balance Range | Annual Dividend Rate | Annual Percentage Yield (APY) |
| Regular Share Savings Account(1) Effective May 1, 2016 | $100 - $9,999.99 | .04% | .04% |
| Effective May 1, 2016 | $10,000 - $49,999.99 | .04 % | .04% |
| Effective May 1, 2016 | $50,000 - and over | .04 % | .04% |
| Christmas Club Share Savings Account(2) Effective May 1, 2016 | $0 - $9,999.99 | .04 % | .04% |
| Effective May 1, 2016 | $10,000 - $49,999.99 | .04 % | .04% |
| Effective May 1, 2016 | $50,000 - and over | .04 % | .04% |
| Money Market Share Savings Account(3) Effective March 1, 2017 | $1,000 - $9,999.99 | .10 % | .10% |
| Effective March 1, 2017 | $10,000 - $24,999.99 | .12% | .12% |
| Effective March 1, 2017 | $25,000 - $49,999.99 | .15 % | .15% |
| Effective March 1, 2017 | $50,000 and over | .20% | .20% |
| Share Draft Checking Account(4) Effective May 1, 2016 | $500 - $2,499.99 | .04 % | .04% |
| $2,500 - $9,999.99 | .04 % | .04% | |
| $10,000 - and over | .04 % | .04% | |
| IRA Savings Account(1) Effective May 1, 2016 | $100 - and over | .28 % | .28% |
| IRA Certificates(5) | |||
| 12 month certificate | .50% | .50% | |
| 18 month certificate | .55 % | .55% | |
| 24 month certificate | .90% | .90% | |
| 30 month certificate | .95% | .95% | |
| 36 month certificate | 1.25% | 1.26% | |
| 48 month certificate | 1.55% | 1.56% | |
| 60 month certificate | 1.75% | 1.77% | |
| Share Certificates(5) | 3 month certificate | .09% | .09% |
| 6 month certificate | .30% | .30% | |
| 12 month certificate | .50% | .50% | |
| 18 month certificate | .55 % | .55% | |
| 24 month certificate | .90% | .90% | |
| 30 month certificate | .95% | .95% | |
| 36 month certificate | 1.25% | 1.26% | |
| 48 month certificate | 1.55% | 1.56% | |
| 60 month certificate | 1.75% | 1.77% |