IRAs
We’re here to help plan your retirement or family’s education needs with multiple options.
Special IRA Certificate Offers
For a Limited Time
IRA Certificate
By combining the guaranteed return of a certificate with the tax advantages of an IRA, an IRA Certificate1 offers members a low-risk, secure way to save for retirement.
- Low minimum opening deposit of $500
- Term length choices of 3, 6, 9, 12, 18, 24, 30, 36, 48 or 60 months
- Choice of a Traditional or Roth IRA
- IRA Savings also available
Benefits
- Guaranteed dividend rates are fixed, making IRA Certificates significantly less risky than market-based retirement accounts.
- Wide variety of term length options let you tailor your IRA Certificate to your investment strategy.
- Tax advantages (talk to your financial advisor for more details).
Ready to get started? Open an IRA Certificate in Web Branch or call us to open your account.
Types of IRA Accounts
There are three types of IRAs to choose from (Traditional, Roth and CESA) that can be held as either a savings account or certificate. If you are looking for an IRA with more investment options, Wealth Management at UW Credit Union can help.
Traditional IRA
The Traditional IRA helps you save for your retirement and contributions may be tax deductible. Your Traditional IRA can either be an IRA Savings or IRA Certificate—you choose the account type you prefer.
- Individuals with qualifying income may contribute, no contribution age limit as of January, 2020
- Early withdrawals are subject to 10% penalty unless disabled or paying for qualified expenses like a first home or education
- Mandatory distributions at age 73
- Learn more about contribution limits and deductibility
Benefits
- Contributions may be tax deductible
- Dividends grow tax-deferred until withdrawn
- Funds may be used to purchase a first home, up to a $10,000 lifetime maximum
- Funds may be used to pay for qualifying education expenses
Ready to get started? Schedule a video or phone appointment or call us to open your account.
Roth IRA
A Roth IRA helps you save for your retirement by sheltering your earnings from income tax. Your Roth IRA can either be an IRA Savings or IRA Certificate—you choose the account type you prefer.
- Individuals with qualified income may contribute, regardless of age
- Contributions are nondeductible
- Early withdrawals of earnings are subject to 10% penalty unless disabled or paying for qualified expenses like a first home
- No distribution requirements
- Learn more about contribution limits and deductibility
Benefits
- All withdrawals, including earnings, are tax-free if the account has been open at least 5 years and are used for qualified expenses
- No requirement to withdraw at any age
- Contributions can be made at any age, with qualified income
- Funds can be used to purchase a first home, up to a $10,000 lifetime maximum
Ready to get started? Schedule a video or phone appointment or call us to open your account.
Coverdell Education Savings Account (CESA)
A CESA helps you save for a child’s or grandchild’s education. Your CESA can either be a savings account or certificate—you choose the account type you prefer.
- Individuals of any age may contribute for a beneficiary child or grandchild under age 18, or according to special needs exceptions
- Contributions are nondeductible
- Withdrawals after the beneficiary reaches age 30 may be subject to taxes and a 10% penalty, unless rolled over to a family member’s CESA
- Funds must be withdrawn by the time the child beneficiary reaches age 30, or according to special needs exceptions defined by law
- Must be used for qualified education expenses
- Student can attend school full or part time
- Contributor must meet income requirements
- Learn more about contribution limits and deductibility
Benefits
- All withdrawals, including earnings, are tax-free for qualified education expenses
- Funds can be rolled over to another family members CESA
- Contributions to CESAs are allowed regardless of Traditional or Roth IRA participation
Ready to get started? Schedule a video or phone appointment or call us to open your account.
Get in Touch
Have questions about services, options or where to start? Our local experts are here for you — and they're always ready to help.
