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Individual Retirement Accounts

Traditional IRA

Save for Retirement with an Insured Account

May Have Tax Advantage

No Annual Fee* with a $2,500 balance by year end or if contributions are made by Direct Deposit or Payroll Deduction. (* Annual fee is $10 if the account balance is less than $2,500 at the end of the calendar year, or if you don’t use direct deposit or payroll deductions to make your contributions.)

Contributions are made pre-tax

Dividends are calculated daily and compounded quarterly

Variable rate

Rate changes quarterly

See a Member Service Representative for maximum annual contribution

Roth IRA

Contributions are not tax deductible

Money grows tax-deferred if one of the following applies: (1) if the money has been in the account for at least five years and you are older than 59-1/2; or (2)  you become disabled; or (3)  you die and it’s paid to a beneficiary; or (4) you use the money for a first-time home purchase.

Does not require that funds begin to be withdrawn at age 70-1/2

You can convert a Traditional IRA to a Roth IRA.

Contributions are made post-tax

No Annual Fee* with a $2,500 balance by year end or if contributions are made by Direct Deposit or Payroll Deduction

(* Annual fee is $10 if the account balance is less than $2,500 at the end of the calendar year, or if you don’t use direct deposit or payroll deductions to make your contributions.)

Dividends are calculated daily and compounded quarterly

Variable rate

Rate changes quarterly

See a Member Service Representative for maximum annual contribution

Coverdell Education IRA

Money is saved for post-secondary education

You can invest up to $2,000 per year per child up to the age of 18

Contributions are not tax deductible

Money grows tax-deferred if it’s used for qualified higher-education expenses before the beneficiary reaches age 30.

Contributions are made post-tax

No Annual Fee* with a $2,500 balance by year end or if contributions are made by Direct Deposit or Payroll Deduction

(* Annual fee is $10 if the account balance is less than $2,500 at the end of the calendar year, or if you don’t use direct deposit or payroll deductions to make your contributions.)

Dividends are calculated daily and compounded quarterly

Variable rate

Rate changes quarterly