Individual Retirement Accounts (IRAs)
Save for tomorrow and get valuable tax benefits today! Discover how to make the most of your retirement and education dollars with an IRA. We offer Traditional, Roth, and Education IRAs with high yields and flexible terms to fit your goals. Make all your dreams for the future come true with a smart IRA from Edwards FCU.
- No fees to open or maintain your account.
- No fees for rollovers or transfers into your IRA.
- Minimum investments start at $50.
- Enjoy competitive rates and tax-free dividends every month.
- Contributions are tax-deductible in most cases. See your tax advisor for eligibility.
- Your IRA funds are safe and federally insured.*
- Get free and easy account access in the branch, online, and by phone.
- Make one-time contributions or deposit regularly with convenient, automatic deposit.
- Penalty-free withdrawals are available for first time homebuyers or certain educational and medical needs.
Traditional, Roth, and Education IRAs are available. Choose one that's right for you. An IRA from Edwards FCU is a great way to shelter your hard-earned cash from taxes.
Click here to see the current dividend yields.
You can open your IRA savings with just $50. A Traditional IRA lets you defer taxes on your earnings until withdrawal. Let your IRA balance grow tax-free until age 59 ½ when you can choose to start taking distributions, or let it sit until age 70 ½. Then your withdrawal will be taxed at your then tax-bracket. Also, specific contributions are tax deductible in the year they are made. Eligibility requires a specific, regular income for the named or joint filer, with no income limit stipulation. Most prior contributions to pensions or 401(k) plans are eligible for transfer into your Edwards FCU IRA.**
With a Roth IRA your money grows tax-free until you need it for retirement. The interest you earn is also tax-deferred. You can also make tax-free withdrawals after five years for a first-home purchase or certain medical needs. There is an income requirement for opening a Roth IRA and contributions to your account are allowed at any age. You can supplement your current retirement plan with a Roth IRA.
Coverdell Savings (Education IRA)
Created to help members save for the costs of a child's education, this account features tax-free withdrawals for any kind of public or private education, including: grade school, high school, or college. It can also be used to pay for virtually every education-related expense, like: tuition, fees, books, supplies, or room and board. The plan allows total after-tax contributions of $2,000 per year for each child until they reach the age of 18 (subject to some income limitations).
*All deposits are insured up to $250,000 by the National Credit Union Administration a federal government agency. Annual Percentage Yields are subject to change without notice. Some penalties may apply for early withdrawal.
**Consult a tax professional for tax related information.