Retirement Savings

Save more. Secure your future.

Your Individual Retirement Account (IRA) can be established as either a Share Account or a Share Certificate. Both help you save for retirement.
  • An IRA Share Account is a tax advantaged savings account with no fixed term.
  • An IRA Certificate is a tax advantaged Share Certificate with a fixed term.

IRA Account Types

Share Certificate IRA

  • Dividend rate is fixed for a period of time
  • $500 minimum to open
  • Dividends compounded daily and credited monthly
  • 3 year and 5 year terms available

Traditional IRA

  • Contributions are tax deductible
  • Minimum distributions are required after age 73
  • $10 minimum to open
  • Dividends compounded and credited quarterly

Roth IRA

  • Contributions are not tax deductible
  • Roth IRA contributions are made after taxes – so any qualified distributions in the future are tax free.
  • There are no minimum distribution requirements.

Traditional and Roth IRA accounts are separately insured by NCUA up to $250,000.

Maximum Contributions for 2024

Members under age 50 can contribute up to $7,000 and members over age 50 can contribute up to $8,000.

Minimum Distributions

The IRS imposes a 10% penalty on funds withdrawn from IRA accounts before age 59 ½ except under certain circumstances. Consult a tax advisor for details. The Minimum distribution age has changed. The Secure 2.0 Act raised the age that account owners must begin taking Requires Minimum Distributions (RMDs) from age 72 to 73. For 2024, the age at which account owners must start taking their RMD is 73.

*Consult a tax advisor for details.

Certificate Rates >

To open a retirement account, contact Member Services at 410-828-4730, 800-234-4730, [email protected], or visit one of our branches.