Individual Retirement Accounts (IRAs)

All of our share certificates are available for Traditional, ROTH, and Simplified Employee Pension (SEP) IRAs or you may simply open an IRA savings, which allows you to make contributions throughout the year. Open a new IRA or transfer an existing IRA from any other financial institution. Contact a Member Service Representative to help research which plan is best for you.* 

Traditional vs. Roth

Traditional IRA

  • Tax-deferred earnings
  • Contributions may be tax deductible
  • Best option when rolling over your pension or 401k

Roth IRA

  • Contributions are not tax deductible
  • Tax-free earnings
  • Tax-free qualified withdrawals
  • More flexible access to funds than Traditional IRA
  • Tax deductible employer contributions
  • Great option for the self-employed or small businesses
  • Gain the respect of your employees
    • Help employees reach their retirement savings goals
    • Employee always has complete ownership of all SEP IRA money
  • Earn competitive dividends on entire balance
  • Contributions are tax deductible; your business pays no taxes on earnings*
    • Contributions made only by the employer
    • Only self-employed may make contributions on their own behalf
  • Little to no documents to file with government
  • Inexpensive to set up and operate
  • Flexible annual contributions – good plan if cash flow is unpredictable
  • Must contribute equally for all employees
  • Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
Coverdell ESA

Higher education can come with a pretty hefty price tag. A Coverdell Education Savings Account (ESA) is designed to help lighten the load.

Dividends earned are tax-free — and any withdrawals you make to pay for qualifying education expenses are also tax-free.* You can contribute up to $2,000 a year per child until he or she is 18. 

  • Set aside funds for your child's education
  • Dividends grow tax-free*
  • Withdrawals are tax-free and penalty-free when used for qualifying education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply*
  • Contributions are not tax deductible
  • Contributions are allowed regardless of traditional or Roth IRA participation
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 30
  • The ESA may be transferred without penalty to another member of the family

Some restrictions apply. See Account Terms Disclosure and Fee List for full account details.

*Please remember that although we may be able to help you with plan options, we are not licensed tax advisors. You may wish to consult with a tax advisor for advice.