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 $6,500 up to the age of 50 or $7,500 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. *
- Contributions are not tax-deductible*
- Earnings are tax-free (subject to limitations) *
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. *
- Contributions are tax-deductible (subject to limitations) *
- Earnings are tax-deferred until you withdraw funds
*Consult your tax advisor
Roth IRA Options
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Roth IRA Savings Account
$300 minimum balance to earn Interest. $25 minimum to open.
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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
$300 minimum balance to earn Interest. $25 minimum to open.
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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.
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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.
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!
Free Zelle® Money Transfers
Zelle is a fast, safe and easy way to send money to people you trust, right from the Idaho Central Credit Union mobile app – no matter where they bank.
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 employer* if qualified. SEP IRAs earn a higher interest rate than regular savings.
- Annual contribution limit may be higher than other IRAs*
- 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
*Consult your tax advisor
IRA Savings Accounts
| Balance | APY* | Interest Rate |
|---|---|---|
| 0-299 | 0.200% | 0.199% |
| 300+ | 0.250% | 0.249% |
*APY – Annual Percentage Yield
Rates valid for Monday, December 11 2023
The interest rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
IRA Money Market Savings Account
| Balance | APY* | Interest Rate |
|---|---|---|
| 0-2,499 | 0.000% | 0.000% |
| 2,500-24,999 | 0.400% | 0.399% |
| 25,000-49,999 | 0.600% | 0.598% |
| 50,000-99,999 | 0.750% | 0.747% |
| 100,000+ | 1.000% | 0.995% |
*APY – Annual Percentage Yield
Rates valid for Monday, December 11 2023
The interest rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
IRA Certificate of Deposit Account
| Term | APY* | Interest Rate | Initial Deposit |
|---|---|---|---|
| 6 Month Promo CD | 5.050 | 5.050% | $500 |
| 12 Month Promo CD | 5.100 | 5.005% | $500 |
| 18 Month Promo CD | 4.750 | 4.667% | $500 |
| 24 Month Promo CD | 4.250 | 4.183% | $500 |
| 60 Month Promo CD | 3.750 | 3.698% | $500 |
| 3 Month CD | 0.300 | 0.300% | $500 |
| 6 Month CD | 0.450 | 0.450% | $500 |
| 1 Year CD | 0.700 | 0.698% | $500 |
| 18 Month CD | 0.800 | 0.797% | $500 |
| 2 Year CD | 0.900 | 0.896% | $500 |
| 3 Year CD | 0.950 | 0.946% | $500 |
| 4 Year CD | 1.000 | 0.996% | $500 |
| 5 Year CD | 1.100 | 1.095% | $500 |
*APY – Annual Percentage Yield
A penalty may be imposed for early withdrawal. No institutional deposits. Fees may reduce earnings.
The interest rate and annual percentage yield may change at any time, as determined by the credit union board of directors.
Rates valid for Monday, December 11 2023