For a financially stable retirement

It's smart to start saving for your retirement as early as possible. A variety of Traditional IRAs, Roth IRAs, and Coverdell Education Savings Accounts are offered to meet your investment goals. Many provide qualified members with tax benefits, including tax-deductible contributions and tax-deferred compound interest. Consult your tax advisor for details.

Each type of IRA is available as an IRA certificate or a variable-rate share IRA. And, IRA deposits are insured separately from your other savings accounts.

Consider some of the other benefits of each type of IRA:

Traditional IRA

  • Ability to invest after-tax dollars
  • Contributions may be tax-deductible (consult a tax advisor)
  • Earnings grow tax-deferred
  • Possible to take penalty-free withdrawals for reasons such as qualified higher education purchase and first-time home purchase

Roth IRA

  • Ability to save money for retirement or major life goals
  • Possible tax advantages (consult a tax advisor)
  • Possible to take penalty-free distributions for a first-time home purchase
  • No age limits for contributions
  • Higher yield compared to savings
  • Source of retirement income
  • Tax-free withdrawals of the principal at any time
  • Can contribute past age 70 (if you are still working), leaving the money for your heirs

Coverdell Education Savings Account (ESA)

  • Ability to save for qualified educational expenses before the child's 30th birthday
  • Contributor does not have to be a relative of the designated beneficiary
  • Annual contribution limit of $2,000
  • Wide variety of qualified elementary and high school expenses as well as higher education expenses
  • Tax-deferred growth and tax-free distributions for qualified expenses