IRAs
Ready. Set. Relax.
Pursue your passions without financial worries by planning for retirement early. We offer both Traditional and Roth IRAs to help secure your financial future.
Benefits: Get started with as little as $10.00 and enjoy no enrollment or annual maintenance fees. It's a possible tax-advantaged way to save and invest for retirement and your IRA funds are secured by the NCUA.
Considerations: Be aware that there are limits to how much you can contribute and penalties for early withdrawals.
See RatesTraditional IRA vs. Roth IRA
Traditional IRA - Tax Break Now |
Roth IRA - Tax Break Later |
|---|---|
ContributionsYou can contribute if you or your spouse, if filing jointly, have taxable compensation May be tax-deductible |
ContributionsYou can contribute at any age if you, or your spouse, if filing jointly, have taxable compensation and your modified adjusted gross income is below certain limits Not tax-deductible |
WithdrawalsYou must withdraw part of your tax-deferred savings each year, starting at age 72 If you withdraw less than your RMD, you may owe a 50% penalty tax on the portion you didn't withdraw |
WithdrawalsWithdrawals may be taken after age 59 ½ Withdrawals may be taken after a five-year holding period and may be classified as qualified distributions Exceptions to the early withdrawal penalty include but are not limited to: first-time home purchases, college expenses, and birth or adoption expenses |
Required Minimum Distributions (RMD)You must start taking distributions by 4/1 following the year in which you turn 73 |
Required Minimum Distributions (RMD)No minimum distribution requirements |
IRAs - Variable Rates
| IRAs - Variable Rate** | Minimum Opening Balance | Dividend Rate (Compounded Quarterly) | Dividend Rate (Compounded Quarterly) |
|---|---|---|---|
| Traditional IRA | $10.00 | 0.15% | 0.15% |
| Roth IRA | $10.00 | 0.15% | 0.15% |
| Traditional IRA 60 Month Variable Rate Share Certificate*** | $1,000.00 | 1.49% | 1.50% |
Membership at ProFed is required. *APY = Annual Percentage Yield. **You must maintain a minimum daily balance of $15.00 to earn dividends.
***To obtain the annual percentage yield disclosed you must maintain the minimum daily balance disclosed on your IRA Certificate.
Traditional and Roth IRAs - Fixed Rates
| Traditional and Roth IRAs | Minimum Opening Balance | Dividend Rate (Compounded Quarterly) | APY* (Compounded Quarterly) |
|---|---|---|---|
| 12 Months | $1,000.00 | 4.33% | 4.40% |
| 18 Months | $1,000.00 | 3.45% | 3.50% |
| 36 Months | $1,000.00 | 1.19% | 1.20% |
| 60 Months | $1,000.00 | 1.49% | 1.50% |
| 24 Month EZ Saver** | $25.00 | 1.00% | 1.00% |
Membership at ProFed is required. *APY = Annual Percentage Yield. **To obtain the annual percentage yield disclosed you must maintain the minimum daily balance disclosed on your IRA Certificate.