The first step to securing a stable financial future is putting an effective savings plan in place. Support your longer-term plan with an IRA that will guide you toward your goals.
Individual Retirement Accounts
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| Tax-Deductable Contributions |  | | |
| Tax-Deferred Earnings | | | |
| Earnings Eligible for Tax-Free Withdrawals | | | |
| Age-Related Distribution Requirements | | | |
Invest in the well-being of your family by making steady contributions to this reliable retirement savings option. Earnings will grow over time while you benefit from tax advantages.
- Contributions are tax-deductible
- Any earnings generated are tax-deferred (you do not pay tax on earnings until you withdraw them)
- Any after-tax amounts (nondeductible contributions) within your IRA can be withdrawn tax- and penalty-free
- Annual minimum distributions begin at age 70 1/2
- You may qualify for a saver's tax credit of up to $1,000 when you make a contribution
Not only can a Roth IRA help with retirement needs, but also a first-time home purchase or other financial goals. This flexibility makes the Roth IRA appealing to many different age and income groups. Although it's not a one-size-fits-all solution, the Roth IRA may give you an easy and safe way to plan for your future.
- Contributions are not tax-deductible
- You can withdraw your contributions at any time tax- and penalty-free
- Any earnings generated are tax-deferred (you do not pay tax on earnings until you withdraw them)
- If you meet certain requirements you can withdraw earnings tax-free
- You are never required to make minimum distributions
- You may qualify for a saver's tax credit of up to $1,000 when you make a contribution
Watching your child earn a college degree is a dream of many parents, but the cost can be overwhelming. A Coverdell Education Savings Account (ESA) can be a smart way to save.
- Contributions are not tax-deductible
- Withdrawals, including earnings, are tax-free when used for tuition, books, and other qualified higher education expenses
Regular Share & IRA Certificates
Effective Date: Thursday, November 14, 2024
Regular Share & IRA Certificates
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| 6 month (not available for IRA) | 1.05% | 1.06% | $500 | $500 |
| 1 year | 1.40% | 1.41% | $500 | $500 |
| 18 month | 1.75% | 1.76% | $500 | $500 |
| 2 year | 2.00% | 2.02% | $500 | $500 |
| 3 year | 2.30% | 2.32% | $500 | $500 |
| 4 year | 2.40% | 2.43% | $500 | $500 |
| 5 year | 2.80% | 2.84% | $500 | $500 |
| 66 Month | 3.10% | 3.14% | $500 | $500 |
For Share Certificate and IRA Certificate accounts (SC), the amount of the early withdrawal penalty will be as follows on the amount withdrawn (whether earned or not): Less than 6-month SC will result in a 3-month early withdrawal penalty (90 days); 6–18 month SC will result in a 6-month early withdrawal penalty (180 days); Any SC greater than 18 months–66 months will result in a 12-month early withdrawal penalty (365 days).
Owner's Advantage Account (OAA) Product has been discontinued as of 10/1/2011. Anyone who currently has an OAA Share or IRA Certificate of Deposit will continue to receive the additional 0.10% rate on any renewal of the existing funds. There is no additional 0.10% rate increase on any new money that is invested in a Share or IRA Certificate of Deposit.
* Minimum Deposit to Open Account — not Minimum Balance to Maintain Account
** RedWallet Cash and RedWallet Saver have different yields based on whether or not the account’s monthly qualifications have been met
Note: You may be subject to a 10% early distribution penalty tax on any taxable amount taken from either a Traditional or Roth IRA before you reach age 59 1/2, unless you qualify for one of these penalty exceptions: disability, certain health insurance costs, certain medical expenses, higher education expenses, first-time homebuyer expenses, substantially equal periodic payments, IRS tax levy, qualified military reservist distributions, or death.
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