You must be an eligible credit union member who is also a wage earner or a non-working spouse.

You must be under the age of 70 ½ years.

You’ll pay no annual maintenance fee. There is however, a $50.00 fee if an IRA Money Market Savings Account is closed within 90 days of opening. This fee does not apply when a member is withdrawing the money to move it to a certificate or other IRA investment within the credit union.

You have seven (7) calendar days after receiving the disclosure statement to close your account without a penalty. If you close your IRA during the month, no dividends will be paid for that month.

IRA funds may not be used as security on a loan.

You’ll earn the highest market rates available with your choice of a regular savings account IRA (dividends are computed and paid monthly) or one or more certificate IRA investments.

You’ll enjoy saving money in a variety of ways: possible tax savings on contributions, no annual maintenance fee attached to your account, and deposits made easy with payroll deduction, direct deposit, or automatic transfers. You can also mail your deposits.

You may deposit up to $8,000.00 annually (no more than $4,000.00 per account) per working couple. A non-working spouse may also contribute up to 4,000.00 when filing jointly with the wage earner.

You may contribute to a roll-over IRA within 60 days of receiving funds from another IRA, pension plan or profit sharing account in order to continue your tax savings.

You’re allowed to make catch-up contributions if you’re over 50 years old.

Contributions may be made in any amounts up to this maximum at any time before April 15 th (or the tax return deadline) for the previous year.

You may begin making withdrawals without penalty as early as age 59 ½. The withdrawn amount is reported as taxable income only in the year it’s received. Any withdrawals you make prior to age 59 ½ will have a 10% penalty attached by the IRS unless the withdrawal meets the criteria one or more of the limited exceptions approved by the IRS.

Mandatory distributions of funds begin the year you turn 70 ½.

You'll pay no annual maintenance fee on this investment and quarterly statements will allow you to monitor your earnings easily and often.

Your funds are safe--they're insured by NCUA to at least $100,000 (for combined savings, checking and certificate deposits) and an additional $250,000 for your IRA.

In the event of your death, your beneficiaries will receive the balance in your IRA.