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Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRA)

America's Credit Union can provide you with Individual Retirement Account (IRA) options to meet your savings needs. The sooner you start saving and the more you contribute, the better your financial future will become.

ACU offers Traditional IRAs as a Certificate of Deposit (CD) and as a Share Savings Account.

Roth IRA accounts and Coverdell College Savings Accounts are also available. 

All of the ACU IRA accounts pay interest on the funds kept on deposit and are federally insured. Saving for retirement with ACU is one of the most secure, and least risky ways to build your retirement nest egg and/or paying for college.

Traditional IRA

You can contribute to a Traditional IRA if you have earned income and if you have not reached age 70 1/2 by the end of the year.

Traditional IRAs offer tax-deferred earnings and the possibility for tax-deductible contributions. (Consult your tax advisor for complete details).

 

Roth IRA

Roth IRA contributions are allowed at any age as long as the IRA owner has earned income and meets the required Modified Adjusted Gross Income level (visit the IRS.gov website for more information).

Since a Roth IRA is after-tax money, the principal can be withdrawn without a penalty. If dividends remain for 5 years, they become tax-free when withdrawn for qualified reasons such as reaching age 59 1/2, buying a first home, or becoming disabled.

All Roth IRA contributions are nondeductible. There is a maximum contribution limit per year for individuals and for married couples. If you are over the age of 50 you may be eligible to contribute even more. We recommend you speak to a licensed tax professional to determine your max contribution levels.

 

Coverdell Education Savings Account

ACU also offers long-term savings accounts meant to help families plan for large future educational expenses.

Coverdell Education Savings Accounts (ESA) are a trust or custodial account designed to help families pay for education expenses. A Coverdell ESA offers tax-free earnings growth and tax-free withdrawals when the funds are spent on qualified educational expenses.

Coverdells aren't just for college – you can also use your savings to pay for K-12 expenses, and these accounts can offer more investment options and lower fees than 529 plans. Use this application to apply for a Coverdell ESA today.


Use our Retirement Savings Calculator to better determine how much you will need to save each month to fund your retirement.

IRA Certificate of Deposit Rates  

Certificate of Deposit Dividend Rate* Annual Percentage Yield (APY)*
TEXT
12 Month IRA Certificate
TEXT
0.200%
TEXT
0.20%
TEXT
18 Month IRA Certificate
TEXT
0.200%
TEXT
0.20%
TEXT
24 Month IRA Certificate
TEXT
0.300%
TEXT
0.30%
TEXT
3 Year IRA Certificate
TEXT
0.300%
TEXT
0.30%
TEXT
4 Year IRA Certificate
TEXT
0.300%
TEXT
0.30%
TEXT
5 Year IRA Certificate
TEXT
0.648%
TEXT
0.65%
Effective May 1, 2021
Certificate of Deposit

12 Month IRA Certificate

Dividend Rate*

0.200%

Annual Percentage Yield (APY)*

0.20%

Certificate of Deposit

18 Month IRA Certificate

Dividend Rate*

0.200%

Annual Percentage Yield (APY)*

0.20%

Certificate of Deposit

24 Month IRA Certificate

Dividend Rate*

0.300%

Annual Percentage Yield (APY)*

0.30%

Certificate of Deposit

3 Year IRA Certificate

Dividend Rate*

0.300%

Annual Percentage Yield (APY)*

0.30%

Certificate of Deposit

4 Year IRA Certificate

Dividend Rate*

0.300%

Annual Percentage Yield (APY)*

0.30%

Certificate of Deposit

5 Year IRA Certificate

Dividend Rate*

0.648%

Annual Percentage Yield (APY)*

0.65%

Effective May 1, 2021

*Annual Percentage Yield (APY). Minimum deposit of $500 is required to open an IRA Term Share Certificate. An average daily balance of $500 is required to earn dividends. All rates are subject to change without notice. Other terms and rates available including ROTH IRA Term Share Certificates and Coverdell Certificates. Fees could reduce the earnings. Questions? Call 1-800-543-2811. Review ACU's Truth-In-Savings Disclosure.

IRA Savings Account Rates

Account Type Minimum To Earn Dividend Dividend Rate* Annual Percentage Yield (APY)*
TEXT
IRA Share Savings Account
TEXT
$25 - $4.999.99
TEXT
0.050%
TEXT
0.05%
TEXT
IRA Share Savings Account
TEXT
$5,000 - $9,999.99
TEXT
0.050%
TEXT
0.05%
TEXT
IRA Share Savings Account
TEXT
$10,000 to $24,999.99
TEXT
0.050%
TEXT
0.05%
TEXT
IRA Share Savings Account
TEXT
$25,000 - $49,999.99
TEXT
0.050%
TEXT
0.05%
TEXT
IRA Share Savings Account
TEXT
$50,000 and above
TEXT
0.050%
TEXT
0.05%
Effective May 1, 2021
Account Type

IRA Share Savings Account

Minimum To Earn Dividend

$25 - $4.999.99

Dividend Rate*

0.050%

Annual Percentage Yield (APY)*

0.05%

Account Type

IRA Share Savings Account

Minimum To Earn Dividend

$5,000 - $9,999.99

Dividend Rate*

0.050%

Annual Percentage Yield (APY)*

0.05%

Account Type

IRA Share Savings Account

Minimum To Earn Dividend

$10,000 to $24,999.99

Dividend Rate*

0.050%

Annual Percentage Yield (APY)*

0.05%

Account Type

IRA Share Savings Account

Minimum To Earn Dividend

$25,000 - $49,999.99

Dividend Rate*

0.050%

Annual Percentage Yield (APY)*

0.05%

Account Type

IRA Share Savings Account

Minimum To Earn Dividend

$50,000 and above

Dividend Rate*

0.050%

Annual Percentage Yield (APY)*

0.05%

Effective May 1, 2021

*Fees could reduce earnings. Minimum deposit of $25 is required to open an IRA Savings Account. An average daily balance of $25 is required to earn dividends. Questions? Call 1-800-543-2811.

IRA Resources

Budget ebook cover and spineBudgeting Your Savings

It’s essential that you have good budgeting habits to increase your savings. Whether you’re budgeting and saving for a one-time event like a wedding, saving for a major life change like having a baby, or getting better at managing daily spending and saving in general, this eBook will help!

Full of budget templates and tips about creating a budget and tricks for sticking to it, this guide is essential for your future saving goals. With some organization and a good plan, you’ll be adding deposits to your Savings Account regularly.

 

Claim Your FREE Copy!


Impact of Taxes in Retirement

The Impact of Taxes in Retirement

A recent Nationwide Retirement Institute survey finds nearly two in five retirees (37 percent) admit they did not consider how taxes would affect their retirement income when planning for retirement.

As a result, they may have lost the opportunity to save an additional six years' worth of income in retirement.

The survey highlights a lack of understanding about The Impact of Taxes in Retirement.