Individual Retirement Account (IRA)
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Features
Versatile Options
Traditional and Roth IRAs are available.
High Yields
Supreme Accounts earn up to 1.50% APY1 and Certificates earn up to 2.00% APY2.
Fast Growth
Your dividends are compounded quarterly.
Reliable Protection
Your money is federally insured by the NCUA.
Traditional vs Roth
Traditional IRAs
These are potentially tax-deferred retirement plans. Your qualified contributions may be tax-deductible and can be made if you are below age 70 ½, as long as you have earned income. Taxes are paid on your funds at the time of withdrawal.
2017 Contribution Limits
| Age Under 50 | $5,500 per Year |
| Age 50 and Over | $6,500 per Year |
Roth IRAs
Roth IRA contributions are made with after-tax dollars. Funds are tax-free when they are withdrawn, unless you are taxed for early withdrawals penalties before age 59 ½. As long as you have earned income, contributions can be made at any age.
2017 Contribution Limits
| Age Under 50 | $5,500 per Year |
| Age 50 and Over | $6,500 per Year |
Account Options
IRA Supreme Accounts
These have variable interest and no fixed term. Plus, there’s no minimum opening deposit required.
Yields Available
| Balance | APY1 |
|---|---|
| $10,000 and over | 1.50% |
| $5,000 to $9,999.99 | 1.25% |
| $2,000 to $4,999.99 | 1.00% |
| $0 to $1,999.99 | 0.75% |
| Accurate as of 07/14/2017 | |
Active checking1 is required to receive the above yields. See disclosures for active checking requirements.
IRA Certificates
These have a fixed rate and term with a fixed maturity. Certificates have a higher interest rate than an IRA Supreme Account, but you have to commit your money for a specified amount of time. Minimum deposit is $5,0002.
Yields Available
| Term | APY2 |
|---|---|
| 12 Months | 1.50% |
| 24 Months | 1.70% |
| 36 Months | 2.00% |
| 60 Months | 2.00% |
Fees
See our Fee Schedule for a list of fees you may encounter.
FAQs: You Asked. We Answered.
To determine which IRA is best for you, please consult your tax professional.
Yes. There are no income limits to make contributions to a Traditional IRA. However, it is possible to be affected by filing status and participation in an employer retirement plan. Contributions must not exceed IRS limits. For more details or visit IRS.gov.
Annual withdrawals of the Required Minimum Distribution (RMD) are set by the IRS and must begin once you turn 70 ½ years of age.
Your annual Roth IRA contributions cannot exceed your annual compensation or the limits set by the IRS, whichever is less. See a tax professional for more details or visit IRS.gov for IRS limits.
Yes, as long as you do not exceed the contribution limits set by the IRS. See a tax professional for more details of visit IRS.gov for IRA limits.
Because these accounts have different features and deposits are based on your personal tax situation, contact your tax or legal professional or the IRS for specific tax information about state or local income taxes. This is intended to provide general information on federal regulations pertaining to Traditional and Roth IRAs. It is not meant to provide legal advice or individual tax recommendations. IRA contribution limits are determined by the IRS and apply to any financial institution, not just Connexus.
1 APY=Annual Percentage Yield. APY accurate as of 4/3/2017. Connexus Credit Union membership required. No minimum opening deposit required. Balances of $10,000 and over earn 1.50% APY. Balances of $5,000 to $9,999.99 earn 1.25% APY. Balances of $2,000 to $4,999.99 earn 1.00% APY. Balances of $0.01 to $1,999.99 earn 0.75% APY. Fees may reduce earnings. Additional deposits into account are allowed up to the current maximum annual contributions based on Federal IRA deposit limits and your personal tax situation. Consult your tax advisor for your specific situation. Advertised rates require Active Checking. Active checking is defined as having at least one (1) Direct Deposit of net pay, including salary, wages, government benefits, or pension made to the account each month; having ten (10) checks, ACH withdrawals, and/or debit card transactions clear the account by the last business day of each month; and electing to receive eStatements. ATM transactions not included. Federally Insured by NCUA.
2 APY=Annual Percentage Yield. 1.50% APY for 12 months, 1.70% APY for 24 months, 2.00% APY for 36 months and 2.00% APY for 60 months rates are accurate as of 4/3/2017 and are subject to change. Account requirements: Connexus Credit Union membership and $5,000 opening deposit. Certificates will be opened on the day application and funding is received. Rate is locked in for the applicable terms of the certificate. $5,000 minimum deposit required to remain in account until maturity. A penalty will be imposed for early withdrawal. Fees may reduce earnings. Offer not valid on business or organization accounts. Subject to change or termination. Federally Insured by NCUA.
Federally Insured by NCUA