Individual Retirement Accounts (IRA)

Whether you’re just starting your career or you have spent several decades on the job, your retirement years will be here before you know it. With an IRA, you can save for your golden years and possibly enjoy a range of tax benefits.


  • You may be able to defer taxable income, which reduces your income tax liability.
  • $50.00 fee for IRA accounts closed within 12 months of opening date.
  • No annual maintenance fees.
  • Payroll deduction is a convenient way to make deposits.
  • Earns a higher rate of interest than regular shares. Dividends might also be tax deferrable.
  • May be tax deductible for most members.


  • You have a choice of variable or fixed rate investment
  • Dividends are accrued daily and compounded monthly, paid on the last day of the month after closing.
  • Contributions may not exceed the annual contribution limit or your annual income, whichever is less.
  • In addition to the maximum annual contribution, your working or non-working spouse may be able to contribute up to the annual contribution limit.
  • Contributions for the previous tax year are accepted until the tax return due date.
  • Withdrawals from a Traditional IRA are reported as taxable income.
  • IRAs may not be used as collateral for a loan.
  • Withdrawals prior to age 59½ may be penalized 10% by the IRS.
  • Funds may be deposited by direct transfer from another financial institution.
  • You may rollover IRA funds from another financial institution within 60 days of receipt.
  • Withdrawals from a Traditional IRA must begin when you reach the age of 72 (unless you’ve reached the age of 70½ by 2020) but may begin as early as 59½ without IRS penalties.
  • Contributions may be withdrawn from a Roth IRA at any time; earnings may be subject to tax and penalty if withdrawn before 59½.
  • Additional catch up contributions of $1,000.00 for members age 50 and up.


Individual Retirement Account Rates

Effective 10/24/2023

Account TypeDividend RateAPY*Min. Opening Deposit**
IRA 1 Year Certificate4.80%4.90%$500
IRA 2 Year Certificate4.46%4.55%$500
IRA 3 Year Certificate4.32%4.40%$500
IRA 4 Year Certificate3.98%4.05%$500
IRA 5 Year Certificate3.93%4.00%$500
IRA Variable2.47%2.50%
IRA Variable2.47%2.50%
IRA Variable2.47%2.50%
IRA Variable2.96%3.00%$50,000+

* Annual Percentage Yield
**Minimum Opening balance / Minimum Required Balance to earn APY
Variable rates subject to change after account opening at any time without notice.
Withdrawals prior to age 59 1/2 may be penalized 10% by the IRS.


To set up your IRA, please stop by for an appointment with our Member Services. We’ll be happy to facilitate and set up your new retirement account!