Choose the Way You Save
There are two main types of individual retirement accounts (IRAs): Traditional and Roth. The eligibility requirements differ some, but ultimately the decision between a Traditional IRA or a Roth IRA depends on your income and your specific financial needs. Both offer flexibility, accessibility, and valuable tax benefits. Plus, with an annual contribution limit of $7,000 up to the age of 50 or $8,000 for ages 50 or older, you’ll be well on your way saving for a great retirement.
Roth vs. Traditional IRA Calculator
Retirement Shortfall Calculator
Roth vs. Traditional
Roth IRA
A Roth IRA is best if you anticipate being in a higher tax bracket in retirement and want tax-free withdrawals.1
- Contributions are not tax-deductible1
- Earnings are tax-free (subject to limitations)1
View our informative Roth IRA brochure
1Consult your tax advisor
Traditional IRA
A Traditional IRA is best if you anticipate being in a lower tax bracket in retirement and want tax-deferred earnings and the possibility for tax-deductible contributions.1
- Contributions are tax-deductible (subject to limitations)1
- Earnings are tax-deferred until you withdraw funds
View our informative Traditional IRA brochure
1Consult your tax advisor
Roth IRA Options
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Roth IRA Savings Account
$25 minimum deposit to open an account.
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Roth IRA Money Market Savings
$2,500 minimum balance. $10 monthly fee if below minimum.
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Roth IRA 6-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Roth IRA 12-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Roth IRA 18-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Roth IRA 24-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Roth IRA 60-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
Traditional IRA Options
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Traditional IRA Savings Account
$25 minimum deposit to open an account.
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Traditional IRA Money Market Savings
$2,500 minimum balance. $10 monthly fee if below minimum.
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Traditional IRA 6-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
-
Traditional IRA 12-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Traditional IRA 18-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Traditional IRA 24-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
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Traditional IRA 60-Month Promo CD
$500 initial deposit. 10-day renewal grace period and a 1-time additional deposit in first 60 days.
Keep Your IRA on Track
Required Minimum Distributions
If you have a Traditional IRA, you may need to start taking Required Minimum Distributions, or RMDs, once you reach the IRS-required age. An RMD is the minimum amount you must withdraw each year from certain retirement accounts, including Traditional and SEP IRAs. Roth IRAs generally do not require withdrawals during the original owner’s lifetime.
Your first RMD is generally due by April 1 of the year after you reach RMD age, and future RMDs are generally due by December 31 each year. Your RMD amount is based on your prior year-end IRA balance and an IRS life expectancy factor. ICCU can help you review your account information and distribution options, but you are responsible for making sure the correct amount is withdrawn on time. For tax-specific questions, please consult a tax advisor.
Review Your Beneficiaries and Account Activity
It’s a good idea to review your IRA information each year, especially after major life changes. Check your beneficiary designations, recent account activity, and contribution or distribution history to make sure everything still aligns with your retirement goals.
IRA accounts do not have joint owners, so keeping your beneficiary information current is an important part of managing your account. If you need to review or update your IRA beneficiaries, contact ICCU and we’ll help you get started.
ICCU Benefits
Free Mobile Banking
You have all the tools you need to manage your accounts through the ICCU mobile app or on ICCU.com, anywhere, anytime. Check balances, transfer money, pay bills, set up alerts, and so much more.
Free Credit Score & Monitoring
My Credit is a free service powered by SavvyMoney® that helps you stay on top of your credit. Check your credit score, view your credit report, and get up-to-date credit monitoring notifications through ICCU mobile or online banking.
Free VideoChat
Bank face-to-face from anywhere in the world with a live service agent through ICCU’s VideoChat. Not only is it convenient, it’s secure and easy to use for account questions, opening a new account, applying for a loan, and much more!
Make a Deposit
Don’t have time to run to the branch to deposit your check? No problem! Deposit checks on the go using the ICCU App or from the comfort of your home using the Make a Deposit feature in eBranch.
Save for Retirement as a Business Owner With a SEP IRA
With a Simplified Employee Pension (SEP) IRA, earnings accumulate tax-deferred, and contributions may be tax-deductible for the employer1 if qualified. SEP IRAs earn a higher interest rate than regular savings.
- Annual contribution limit may be higher than other IRAs1
- Contributions can be made by the business owner
- A self-employed person can make SEP contributions to their own IRA
View our informative SEP IRA brochure
1Consult your tax advisor
IRA Savings Accounts
| Balance | APY* | Interest Rate | ||
|---|---|---|---|---|
| Balance0-299 | APY*0.20% | Interest Rate0.20% | Terms | |
| Balance300+ | APY*0.25% | Interest Rate0.25% | Terms |
IRA Money Market Savings Account
| Balance | APY* | Interest Rate | ||
|---|---|---|---|---|
| Balance0-2,499 | APY*0.00% | Interest Rate0.00% | Terms | |
| Balance2,500-24,999 | APY*0.40% | Interest Rate0.40% | Terms | |
| Balance25,000-49,999 | APY*0.60% | Interest Rate0.60% | Terms | |
| Balance50,000-99,999 | APY*0.75% | Interest Rate0.75% | Terms | |
| Balance100,000+ | APY*1.00% | Interest Rate1.00% | Terms |
IRA Certificate of Deposit Account
| Term | APY* | Interest Rate | Initial Deposit | ||
|---|---|---|---|---|---|
| Term6 Month Promo CD | APY*3.95% | Interest Rate3.95% | Initial Deposit$500 | Terms | |
| Term12 Month Promo CD | APY*4.15% | Interest Rate4.09% | Initial Deposit$500 | Terms | |
| Term18 Month Promo CD | APY*4.20% | Interest Rate4.14% | Initial Deposit$500 | Terms | |
| Term24 Month Promo CD | APY*4.00% | Interest Rate3.94% | Initial Deposit$500 | Terms | |
| Term60 Month Promo CD | APY*3.90% | Interest Rate3.84% | Initial Deposit$500 | Terms | |
| Term3 Month Standard CD | APY*0.30% | Interest Rate0.30% | Initial Deposit$500 | Terms | |
| Term6 Month Standard CD | APY*0.45% | Interest Rate0.45% | Initial Deposit$500 | Terms | |
| Term1 Year Standard CD | APY*0.70% | Interest Rate0.70% | Initial Deposit$500 | Terms | |
| Term18 Month Standard CD | APY*0.80% | Interest Rate0.80% | Initial Deposit$500 | Terms | |
| Term2 Year Standard CD | APY*0.90% | Interest Rate0.90% | Initial Deposit$500 | Terms | |
| Term3 Year Standard CD | APY*0.95% | Interest Rate0.95% | Initial Deposit$500 | Terms | |
| Term4 Year Standard CD | APY*1.00% | Interest Rate1.00% | Initial Deposit$500 | Terms | |
| Term5 Year Standard CD | APY*1.10% | Interest Rate1.10% | Initial Deposit$500 | Terms |