IRA

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(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 certificate1.25%1.26%
48 month certificate1.55%1.56%
60 month certificate1.75%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 certificate1.25%1.26%
48 month certificate1.55%1.56%
60 month certificate1.75%1.77%
Special*25 month certificate1.49%1.50%
Special*37 month certificate1.75%1.77%