Discover how to make the most of your retirement and education dollars with an IRA. We offer Traditional, Roth, and Educational IRAs with high yields and flexible terms to fit your goals. An IRA from Edwards FCU could be a great way to shelter your hard-earned cash from taxes.*
Traditional IRA
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 59½ when you can choose to start taking distributions, or let it sit until age 70½. 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.*
Roth 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.
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, such as: 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 of our IRAs feature:
- No fees to open or maintain your account.
- No fees for rollovers or transfers into your IRA.
- Minimum investments starting at $50.
- Competitive rates and tax-free dividends every month.
- Tax-deductible contributions, in most cases. Consult your tax advisor for eligibility.*
- The safety of being federally insured.**
- Free and easy account access in the branch, online, and by phone.
- One-time contributions or deposit with regular, convenient, automatic deposit.
- Penalty-free withdrawals, available for first time homebuyers or certain education and medical needs.
* Consult your tax professional for tax related information.
** 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.