An Individual Retirement Account (IRA) helps you prepare for your future, while a Coverdell Education Savings Account (ESA) can help you save for a child’s education. More than savings, grow your investment with earned interest. The money you set aside today can make a big difference tomorrow!
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Even if retirement seems a long time away, plan to start saving sooner rather than later to match your current lifestyle to your future goals. There are two basic options for Individual Retirement Accounts: Traditional IRAs and Roth IRAs. We offer IRA Savings Accounts and IRA Certificates for both Traditional and Roth IRAs.
| Traditional IRA | Roth IRA | |
|---|---|---|
| Requirements |
Initial deposit of $250 No age limit |
Initial deposit of $250 No age limit |
| Contributions & Earnings |
Contributions are made with earned income and may be partly or fully tax deductible. Earnings grow tax-deferred until withdrawn. |
Contributions are made with after-tax dollars. Earnings grow tax-free and distributions may be tax-free if certain guidelines are met. |
| Distributions | Required minimum distributions beginning at age 73. | No required distributions; greater flexibility. |
Our Member Service Representatives can show you options to meet your financial goals. Please contact us at 800-442-7792, use the Open an Account form, or visit a branch near you to get started. Consult your tax advisor.
Current Rates
Minimum Balance $250
Quarterly Posted Dividend Certificates
| Term (Months) | Compound Dividend Rate | Annual Percentage Yield (APY) |
|---|---|---|
| 3 | 3.95% | 4.01% |
| 6 | 3.95% | 4.01% |
| 12 | 3.95% | 4.01% |
| 18 | 3.55% | 3.60% |
| 24 | 3.55% | 3.60% |
| 30 | 3.55% | 3.60% |
| 36 | 3.55% | 3.60% |
| 48 | 3.55% | 3.60% |
| 60 | 3.80% | 3.85% |
Minimum Balance $10,000
Quarterly Posted Dividend Certificates
| Term (Months) | Compound Dividend Rate | Annual Percentage Yield (APY) |
|---|---|---|
| 3 | 4.15% | 4.22% |
| 6 | 4.15% | 4.22% |
| 12 | 4.15% | 4.22% |
| 18 | 3.75% | 3.80% |
| 24 | 3.75% | 3.80% |
| 30 | 3.75% | 3.80% |
| 36 | 3.75% | 3.80% |
| 48 | 3.75% | 3.80% |
| 60 | 4.00% | 4.06% |
A Coverdell Education Savings Account (ESA) is a type of IRA that allows you to save money for higher education or qualified elementary and secondary school expenses and pay for qualified education expenses tax-free.
Learn more: Coverdell Education Savings Accounts – Answers to Your Questions
Our Member Service Representatives can show you options to meet your financial goals. Please contact us at 800-442-7792, use the Open an Account form, or visit a branch near you to get started. Consult your tax advisor.