IRAs

IRAs

An IRA is a tax-advantaged* savings plan built around your individual needs. It's easy to start, affordable, and can make a world of difference in your retirement living.

Bay Area Credit Union's IRAs offer competitive dividend rates, insured deposits, payroll deduction, no annual maintenance fees, comfortable minimum deposit requirements, and personalized answers to your questions.

View our current rates.

Summary
  • Start saving for retirement today
  • Tax-advantaged retirement savings*
  • Competitive dividends above regular savings
  • Choose Traditional or Roth
  • No minimum deposit to open
  • No setup fees
  • No monthly or annual maintenance fees
  • IRA Certificates available, with terms from 6 to 60 months
  • Federally insured by NCUA up to $250,000

*Subject to some minimal conditions. Consult a tax advisor.


Traditional vs. Roth

Traditional IRA

  • No income limit for contributions
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • Eligibility depends on income limits
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on dividends can begin at age 59½
  • Early withdrawals on earnings subject to penalty*
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.


Coverdell ESA

You can save up to $2000 per child per year in a Coverdell Education Savings Account. Although contributions are not tax-deductible, withdrawals (including earnings) are tax-free and penalty-free if used for qualified education expenses.