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In honor of Memorial Day, Securityplus will be closed on Monday, May 27th.

We will resume regular business hours on Tuesday, May 28th. During this time, you can still access your accounts and perform transactions through our online and mobile banking services.

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Establish financial security for your retirement years with a Traditional or Roth IRA.

IRA Savings and Share Certificates

Open a Traditional or Roth IRA Savings Account with a $25 minimum deposit. There is no term limit and you can add money as you save; up to the yearly amount specified by IRS regulations.  

A Traditional or Roth IRA Certificate gives you guaranteed returns at higher dividend rate than a retirement savings account. IRA Certificates are available in terms ranging from one to five years with a minimum initial opening deposit of $500 to $1,000.

Traditional and Roth IRAs

For tax purposes, you may designate your account as a Traditional IRA or a Roth IRA. Adjusted Gross Income (AGI) limitations apply for contributions and deductions to both account types. Consult your tax advisor to determine which you qualify for and how to maximize the tax advantages using each in your retirement plan.

A Traditional IRA is tax-deferred. This means your contribution is most likely tax-deductible, but you will pay income tax on the withdrawal you make during retirement. Individuals can contribute to a traditional IRA past age 72, provided they have earned taxable income. Contributions are limited up to $7,000 annually. Owners age 50 and older may contribute up to $8,000 annually. You can withdraw funds from your Traditional IRA any time after you reach age 59 1/2 and you are required to take minimum distributions at age 72. Be sure to consult your tax advisor.

Roth IRA contributions are not tax-deductible — contributions are made with after-tax dollars. However, Roth IRAs have tax-free earnings. This means you will not pay income tax on the withdrawal you make during retirement — your money is growing tax-free. You can withdraw your contributions and earnings without penalty after you reach age 59 1/2 and have held the account for 5 years. (There is no minimum distribution requirement at any age.)  You can withdrawal contributions you made to your Roth IRA anytime, tax-and-penalty-free. However, you may need to pay taxes and penalties on your earnings in your Roth IRA. Additionally, the Roth IRA offers special penalty-free withdrawals for specific life events such as first-time home purchase or college expenses. Be sure to consult your tax advisor.

Traditional IRA FAQs


Retirement Savings Account Rates
Effective May 28, 2024
Description Dividend APY* Min Open Deposit
IRA Savings 0.10% 0.10% $25
*APY = Annual Percentage Yield

Retirement Certificate Account Rates
Effective May 28, 2024
Type Term Dividend APY*
IRA Certificate 1 yr 4.89% 5.00%
IRA Certificate 2 yr 4.07% 4.15%
IRA Certificate 3 yr 2.72% 2.75%
IRA Certificate 4 yr 2.72% 2.75%
IRA Certificate 5 yr 2.72% 2.75%
*APY = Annual Percentage Yield. Minimum opening deposit of $1,000, and must be maintained throughout the term of the certificate. Early withdrawal penalties may apply. Advertised rates are rounded to the nearest one hundredth of one percentage point.

How's your retirement plan looking?

When do you see yourself retiring? How much income will you need to live comfortably? What if you had access to an experienced financial professional who cares as much about your future as you do? Whether you’re looking for complete retirement guidance, assistance with a specific financial goal, or just a second opinion, we’d love to help.

Ready to Open an IRA?
Call or visit a branch to get started.

Join Securityplus Today

Becoming a member of our Credit Union is easy! It only takes a few minutes to apply and make the $5.00 minimum deposit to open your Share Savings account. Benefit from lower lending rates, higher dividend rates, fewer or lower fees, and more!


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