IRA Plans

An Individual Retirement Account (IRA) is a special savings plan that allows you to plan and save for retirement. The goal of the IRA plan is to help you maintain financial stability when you retire.

To open an IRA plan, a member must have an established savings account.

USMFCU currently offers the following IRA accounts at competitive rates:

  • Traditional IRA - With this IRA, you may qualify for a tax-deductible contribution—and that means your overall tax bill at the time of funding might be lower. 
  • Roth IRA - Contributions are made with after-tax dollars.  At retirement, both your contributions and the earnings may generally be taken out as tax-free withdrawals after 5 years. Other conditions may apply.
  • Coverdell/Educational IRA -  The Education Savings Account provides a tax savings vehicle for college education. Deposits are considered a gift to the beneficiary (a minor) and must be withdrawn for qualified education expenses.

We also offer IRA Certificates from 6 months to 2 years and IRA share accounts:

Individual Retirement Account (IRA) Share Accounts

  • Interest: Paid monthly 
  • Minimum balance: $25.00

Individual Retirement Account (IRA) Certificate of Deposit Accounts

  • Interest: Paid at maturity 
  • Minimum balance: $500

Federal insurance coverage and protection of up to $250,000. Remember to check with your tax advisor regarding IRAs and your retirement options.

Apply Now  Rates

Which Plan Works for You?

Before you start looking for the best savings account for your retirement, pick the plan that will get you there. Each plan type offers different benefits that can elevate your retirement savings.

Traditional IRA Roth IRA

Who's this Traditional IRA option best for?

  • Individuals who expect to be in the same or lower tax bracket when taking withdrawals
  • Individuals who are eligible to deduct their contribution

When do I pay taxes on a Traditional IRA?

  • Enjoy tax-deferred growth now and pay taxes on your withdrawals when you retire.

When can I contribute to a Traditional IRA

  • Contribute up to the limit at any time when earning income.

Who's this Roth IRA option best for?

  • Individuals who expect to be in a higher tax bracket when taking withdrawals
  • Individuals who don’t need a deduction on their taxes now

When do I pay taxes on a Roth IRA

  • Pay taxes on your contributions now and enjoy tax-free withdrawals later.

When can I contribute to a Roth IRA

  • Contribute up to the limit at any time when earning income.

To see current updates and learn more information, please visit the the IRS website by clicking here.

Effective Date: Sunday, February 5th, 2023
TermMinimum AmountRateAPY
6 months $500.00 1.75% 1.75%
6 months $75,000.00 1.75% 1.75%
12 months $500.00 3.35% 3.35%
12 months $75,000.00 3.35% 3.35%
18 months $500.00 3.40% 3.41%
18 months $75,000.00 3.40% 3.41%
2 years $500.00 3.45% 3.46%
2 years $75,000.00 3.55% 3.56%
3 years $500.00 3.50% 3.51%
3 years $75,000.00 3.60% 3.61%
4 years $500.00 3.55% 3.56%
4 years $75,000.00 3.65% 3.66%
5 years $500.00 3.60% 3.61%
5 years $75,000.00 3.70% 3.71%

Certificate rates include Regular CD's, Coverdell, Roth & Traditional IRA CD's.

*APY=Annual Percentage Yield

Penalty may apply for early withdrawal

See Special for CD's

about individual retirement account plan options.

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