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IRAs and ESAs

Secure your future with an IRA or ESA.

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Plan For Your Future

Plan for your future with an Individual Retirement Account (IRA) or for your child’s future with an Education Savings Account (ESA).

Rates

Share Certificates11 (Regular & IRA Accounts)

Type

Dividend Rate2

APY1

1APY = Annual Percentage Yield. Rates are effective as of 02/01/2024.
2Fees could reduce earnings on the account.

11Rates are for new share certificates only and require $500 minimum. Penalty will or may be imposed for early withdrawal.

Type

91 Days

Dividend Rate2

1.788%

APY1

1.80%

Type

182 Days

Dividend Rate2

1.887%

APY1

1.90%

Type

275 Days (Add-on)

Dividend Rate2

1.936%

APY1

1.95%

Type

1 Year

Dividend Rate2

2.231%

APY1

2.25%

Type

18 Months

Dividend Rate2

2.329%

APY1

2.35%

Type

2 Years

Dividend Rate2

2.575%

APY1

2.60%

Type

30 Months (Add-on)

Dividend Rate2

2.624%

APY1

2.65%

Type

3 Years

Dividend Rate2

2.722%

APY1

2.75%

Type

4 Years

Dividend Rate2

2.820%

APY1

2.85%

Type

5 Years

Dividend Rate2

2.967%

APY1

3.00%

Type

10 Month CD Special

Dividend Rate2

4.909%

APY1

5.00%

Contact us to open an IRA Account

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  • Purpose

    Purpose

  • Contributions

     

    Contributions

     

  • Contribution limits

    Contribution limits

  • Withdrawals

    Withdrawals

  • Requirements
    Requirements

Traditional IRA

  • Purpose

    Retirement savings

  • Contributions

     

    Fully deductible unless you participate in an employer-sponsored plan

    Deductible based on your income if you participate in an employer-sponsored plan

  • Contribution limits

    $7,000/year in 2024 if you’re under 50

    Contribute additional $1,000 if you’re over 50

  • Withdrawals

    Withdrawals treated as taxable income

    No penalties if you withdraw at or after age 59.5

    Must make required minimum withdrawals at age 72

  • Requirements

    You must earn income

Roth IRA

  • Purpose

    Retirement savings

  • Contributions

     

    Not tax deductible

  • Contribution limits

    $7,000/year in 2024 if you’re under 50

    Contribute additional $1,000 if you’re over 50

  • Withdrawals

    Tax-free withdrawals

    May start withdrawing at age 59.5 without penalty if funds have been in account for 5 years

    No required minimum withdrawals

  • Requirements

    You must earn income

Coverdell ESA

  • Purpose

    Education savings

  • Contributions

     

    Not tax deductible

  • Contribution limits

    Based on taxpayer’s modified adjusted gross income

    $2,000/year per child up to the age of 18

  • Withdrawals

    Tax-free if used for qualified education expenses

    10% tax on portion exceeding education expenses

    May withdraw at any time

    Balances must be distributed before or within 30 days after the beneficiary turns 30 years old

  • Requirements

    Anyone can contribute

    Beneficiary must be age 0-18

Planning Options

Educators Credit Union IRAs

If you are interested in investing your retirement funds with Educators through a Traditional IRA or Roth IRA, we offer two options: the IRA Money Market Savings Account and the IRA Share Certificate. Your IRA funds are insured by the National Credit Union Administration (NCUA) to an aggregate amount of $250,000 (separate from your non-IRA share insurance coverage).

The IRA Money Market account offers the same rates as our High Yield Money Market Account, but the minimum starting balance is just $25. You also have the option to set up automatic payroll deduction.

The IRA Share Certificate offers the same rates as our other share certificates and provides the additional security of a guaranteed rate during the Share Certificate term.

Would you like to explore other investment alternatives for your retirement savings? Contact one of our CUNA2 Investment Advisors who can help you find the investments that best meets your needs

Disclosures

1APY = Annual Percentage Yield. Rates are effective as of 9/1/2023.

For IRA Money Market the minimum to open account is $25. Minimum to open regular Money Market account is $1000, $10 fee per month for daily balances below $1000. Penalties apply for “under the minimum daily balance”, which may reduce earnings.

2Educators Investment Services Advisors are registered representatives of CUNA Brokerage Services, Inc. Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.  CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty States of the United States of America.

Non-deposit investment products and services are not Federally insured by NCUA.

To members with automatic IRA withdrawals: You may change your withholding election any time prior to receiving your payment. IRA withdrawals are subject to federal income tax withholding, unless you elect no withholding. Withholding from IRA payments, when combined with other withholding, may relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient. Please contact us if you need to verify or change your withholding.