IRA Accounts
Save for what comes next.
An Individual Retirement Account, or IRA, can help you set aside money for retirement while taking advantage of potential tax benefits.
Industrial Credit Union offers Traditional and Roth IRAs, along with IRA Certificates for members looking for a fixed return over a set term.
Because IRA eligibility and tax treatment depend on your individual circumstances, we recommend speaking with a qualified tax advisor to determine which options may be appropriate for you.
Understand Your IRA Options
Traditional IRA
A Traditional IRA allows you to contribute toward retirement while earnings generally grow tax-deferred. Depending on your individual circumstances, contributions may be tax deductible. Withdrawals are generally subject to income tax.
Learn More about Traditional IRAs
Roth IRA
Roth IRA contributions are made with after-tax dollars. Earnings can grow tax-free, and qualified withdrawals are generally tax-free. Income and other requirements may affect your eligibility to contribute.
Not sure how to the two compare? Explore Roth vs. Traditional IRAs.
IRA Savings
Keep your retirement savings in an IRA savings account while earning dividends based on your average balance.
| Average Balance | APY* | Rate |
|---|---|---|
| $0 to $9,999.99 | 1.00% | 1.00% |
| $10,000 to $49,999.99 | 1.00% | 1.00% |
| $50,000 to $99,999.99 | 1.50% | 1.49% |
| $100,000 to $199,999.99 | 2.00% | 1.98% |
| 200,000 to $399,999.99 | 2.75% | 2.72% |
| $400,000 + | 3.50% | 3.45% |
Looking for a fixed rate?
IRA funds may also be placed in an IRA Certificate, allowing you to earn a fixed rate for a set term while keeping those funds within your IRA.
IRA Calculator
See how your retirement savings could grow over time. Use the calculator to explore how factors like your contributions, timeline and potential earnings may impact your savings and compare different scenarios as you plan for the future.
The calculator is for educational purposes only. For guidance based on your individual financial or tax situation, consult a qualified tax advisor.
IRA Resources
IRAs come with rules around contributions, distributions, beneficiaries, transfers and more. Explore these resources to learn more about managing your retirement savings.
Choosing & Saving
Traditional IRAs
Learn how a Traditional IRA can help you save for retirement, including how contributions, potential tax benefits and distributions work.
Roth IRA
Learn how a Roth IRA can help you save for retirement, including how contributions, potential tax benefits and qualified withdrawals work.
Compare Roth & Traditional IRAs
Not sure how Roth and Traditional IRAs differ? Learn about the key features of each, including contributions, tax treatment and withdrawals.
Compare Roth & Traditional IRAs
Become a Super Saver
Financial security usually isn't built overnight. Explore how consistent saving, thoughtful planning and time can help you build toward your long-term financial goals.
Catch-Up Contributions
Age 50 or older? Learn how catch-up contributions may provide an opportunity to set aside additional money for retirement and make the most of the years leading up to retirement.
Learn about Catch-Up Contributions
Managing Your IRA
IRA Transfers & Rollovers
Looking to move retirement savings from one account or financial institution to another? Learn the differences between IRA transfers and rollovers, how each process works and important considerations before moving your funds.
Required Minimum Distributions
As you reach certain retirement milestones, you may be required to begin taking distributions from your Traditional IRA. Learn how Required Minimum Distributions (RMDs) work, when they may apply and what to consider when planning your withdrawals.
Beneficiaries & Inherited IRAs
Inheriting an IRA
Inherited an IRA or expect to receive one? Learn about the rules that may affect when and how inherited IRA funds must be distributed, and the options available to beneficiaries.
Naming a Trust as Your IRA Beneficiary
Considering naming a trust as the beneficiary of your IRA? Learn how trusts can affect IRA distributions and what to consider when coordinating your beneficiary designation with your estate plan.
Planning for a Special Needs Beneficiary
Learn about options for IRA owners who want to plan for the long-term financial security of a special needs beneficiary, including important considerations when designating beneficiaries and managing inherited IRA assets.
Ready to Get Started?
Whether you're opening a new IRA or moving an existing account to Industrial Credit Union, we're here to make the account-opening process straightforward.
Before getting started, talk with a qualified tax advisor about the IRA type and contribution strategy appropriate for your individual situation.
Once you're ready, visit your nearest branch or contact us at 360.734.2043.
Industrial Credit Union does not provide tax, legal or investment advice. IRA eligibility, contribution limits, deductibility, distributions and tax treatment are subject to IRS requirements and depend on individual circumstances. Consult a qualified tax advisor regarding your specific situation.
