Individual Retirement Accounts (IRAs)
Take Control of Your Financial Future
Call 800.845.5025 or book an appointment with a team member to get started
Earn % More By Choosing Connexus*
Our Rates
National Average
Big Earnings
Features
Versatile Options
Traditional and Roth IRAs are available.
High Yields
IRA Savings Accounts earn up to 0.40% APY1 and Certificates earn up to 1.06% 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 at any age, as long as you have earned income. Taxes are paid on your funds at the time of withdrawal.
Annual Contribution Limits
| 2021 | |
| Age Under 50 | $6,000 |
| Age 50 and Over | $7,000 |
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 Funds are tax-free when they are withdrawn, unless you are taxed for early withdrawals penalties before age 59 ½.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.
Annual Contribution Limits
| 2021 | |
| Age Under 50 | $6,000 |
| Age 50 and Over | $7,000 |
Account Options
IRA Savings 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 | 0.40% |
| $0 to $9,999.99 | 0.25% |
| Accurate as of 7/1/2021 | |
IRA Certificates
These have a fixed rate and term with a fixed maturity. Minimum deposit is $5,0002.
Yields Available
| Term | APY2 |
|---|---|
| 12 Months | 0.61% |
| 24 Months | 0.71% |
| 36 Months | 0.81% |
| 48 Months | 0.91% |
| 60 Months | 1.06% |
| Accurate as of 07/01/2021 | |
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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 72 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.
Disclosures
See our Fee Schedule for a list of fees you may encounter.
* Accurate as of: . Source: Datatrac.
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 7/1/2021 and are subject to change. Connexus Credit Union membership required. Fees may reduce earnings. ATM transactions not included.
2 APY = Annual Percentage Yield. Rates are accurate as of 07/01/2021 and are subject to change. Connexus Credit Union membership and $5,000 opening deposit required. A penalty will be imposed for early withdrawal. Fees may reduce earnings. Offer not valid on business or organization accounts.
Federally Insured by NCUA