IRA’s
Talk to your financial planner and we’ll open your Filer Credit Union IRA!
Filer IRA’s
Highly competitive rates and low minimum balance requirements make Filer Credit Union’s IRA’s attractive for all. We offer the Traditional IRA and the Roth IRA. Long term, higher rate certificates of deposit are also available as an IRA option.
Traditional IRA
A traditional IRA is a way to save for retirement that gives you tax advantages.
- Contributions you make to a traditional IRA may be fully or partially deductible, depending on your filing status and income, and
- Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until you take a distribution (withdrawal) from your IRA.
Roth IRA
A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA.
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You cannot deduct contributions to a Roth IRA.
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If you satisfy the requirements, qualified distributions are tax-free.
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You can make contributions to your Roth IRA after you reach age 70 ½.
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You can leave amounts in your Roth IRA as long as you live.
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The account or annuity must be designated as a Roth IRA when it is set up.
The same combined contribution limit applies to all of your Roth and traditional IRAs.
| Account Type | APY | Minimum Deposit | Minimum Balance |
|---|---|---|---|
| REGULAR SHARES | 0.1% | $5 | $25 |
| SHARE DRAFTS | 0.05% | $25 | |
| CHRISTMAS CLUB | 0.2% | $0 | |
| TRADITIONAL IRA SHRS | 0.85% | $0 | |
| ROTH IRA SHARES | 0.85% | $0 | |
| SUB SHARES | 0.1% | $25 | |
| MONEY MARKET SHARE | 1.01% | $2500 | $2500 |
| MONEY MARKET SHARE | 1.26% | $2500 | $25000 |
| MONEY MARKET SHARE | 1.51% | $2500 | $100000 |
| MONEY MARKET SHARE | 3.04% | $2500 | $250000 |
| HSA CHECKING ACCOUNT | 0.05% | $25 |
Details
Interest: See rate sheet below
Fees: 10% Tax penalty for early withdraw, none for rolling over from another IRA/401K, no monthly fee
IRA Options: Traditional or Roth
Minimum Initial Deposit: $50 if new money OR whatever the transfer from previous IRA/401K is
Transaction Limitations: yearly maximum deposits (review current year maximums)
No minimum or maximum age to open if you have eligible compensation.
See a Member Service Representative for more information.