Traditional IRA

An IRA (Individual Retirement Account) is a worthwhile investment program designed to let you save – with many tax advantages – for the future while earning interest. It’s never too early to start building a nest egg for retirement. For only a $10 minimum deposit, you can start a retirement savings with CTCU’s IRA Savings account. With an IRA Share Certificate, your rate is fixed throughout the term you choose, from 3 months and up to 5 years. Share Certificates require a $500 minimum deposit to open.

To choose which IRA is best for you, visit the websites listed on the right for more detailed comparisons, and advice.


Member Benefits
  • Convenient and easy to begin retirement savings with only a $10 minimum deposit for a Variable Rate IRA.
  • Investment is Safe and Risk-free
  • Interest earned is tax deferred and deposits may be tax deductible.
  • IRA Share Certificate requires $500 to open.

Requirements
  • CTCU membership.
  • Variable Rate IRA minimum deposit: $10.
  • IRA Certificates minimum deposit: $500.
  • There is a 90-180 day credit union penalty for early withdrawal of IRA Certificates.
  • Maximum contribution for 2011 is $5,000 if under age 50, and $6,000 if age 50 or over.
  • Contributions can be made for 2011 until April 17, 2012.
  • The Internal Revenue Service (IRS) assesses a 10% penalty if a withdrawal is made from an IRA before the age of 59 ½.. See IRA disclosure for full description of benefits and regulations governing IRAs.
  • Consult a tax advisor regarding tax savings, penalties and deposit/withdrawal limitations and requirements.

Existing CTCU members can open an IRA account by visiting a CTCU branch office.
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