Retirement / IRAs
An individual retirement account (IRA) is a personal retirement savings plan that gives the owner tax benefits designed to increase the amount accumulated for retirement. There are three types: Traditional IRA, Roth IRA, and the Coverdell ESA (Education) IRA. They differ in the way they give you tax breaks and how you can contribute to them.
IRA SAVINGS ACCOUNTS
Perfect for those who want to start saving for retirement, starting with only a $25 initial deposit. You can contribute to it any time, or on a regular schedule with an automatic payroll deduction. When you reach $1,000, we can convert you.
TRADITIONAL, ROTH & COVERDELL ESA IRA ACCOUNTS
There are many options to consider when structuring your IRA’s. Ask your tax advisor for details on contribution limits, allowable deductions and which account or combination of accounts is right for you. Keep in mind that contributions to a Traditional IRA are usually tax deductible. Contributions to a Roth IRA and Coverdell ESA are not, but their earnings are tax-free.
You can contribute up to $2,000 annually in a Coverdell ESA (Education IRA).
You can contribute up to $5,500 in an individual Roth or Traditional IRA (or a combination of both) plus $1000 for a catch-up contribution (total $6,500), if they are 50 years old and older – double that in a spousal IRA.
Earn higher yields with our IRA Certificates of Deposit. We’ll show you how to establish a Traditional, Roth or Coverdell ESA backed Certificate. This is a great solution for a rollover from another financial institution.
The following rates are current as of 03/01/2017. Transaction limitations apply to all C1CU Savings Accounts, Money Market Accounts, Certificates, and IRAs. If 50 or over, you can contribute an additional $1,000 as a catch-up contribution. The amount of your qualified contribution is based on your adjusted gross income and the IRA you select. Contributions to a Traditional IRA are usually tax deductible. Contributions to a Roth IRA and Coverdell ESA are not, but the earnings are tax-free. Ask your tax advisor for details on contribution limits, allowable deductions and help in determining the right IRA for you. IRAs qualify for additional federal insurance. Penalties for early withdrawal.
*APY = Annual Percentage Yield. If you redeem your CD before it matures, you may have to pay an "early withdrawal" penalty or forfeit a portion of the interest you earned. Special Promo CD is for funds not currently on deposit with C1CU. Minimum to open promo CD is $10,000. Rate will be indexed from our regular certificate rates as follows:30mo to 24mo; 18mo to 12mo; and 9mo to 6mo. A penalty may be imposed for early withdrawals. The account will automatically renew at the end of the term to the regular certificate rates (30mo to 24mo; 18mo to 12mo; and 9mo to 6mo). Dividends are paid monthly by posting to an account or by adding to the certificate balance each month. This is a limited time offer, subject to limitations and restrictions.