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

IRA Savings and Share Certificates

We offer IRA Savings Accounts and IRA Share Certificates. IRA Certificates are available in terms ranging from one to five years with a minimum initial opening deposit of $1,000.

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.

Traditional IRA

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 $6,000 annually. Owners age 50 and older may contribute up to $7,000 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 (or at age 70 if you reach 70 1/2 before January 1, 2020). Be sure to consult your tax advisor.

Roth IRA

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

Roth IRA FAQs

IRA & Education Savings Account Rates
Effective Oct 20, 2020
Description Dividend APY* Min Open Deposit
Traditional, Roth or Coverdell Share Account 0.10% 0.10% $25
*APY = Annual Percentage Yield


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. 

What our members say

"The staff is always friendly. When I come into my local branch I am recognized and addressed by my name." —Michael W.


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If you live, work, worship, or go to school in the City of Baltimore; are employed by or retired from SSA or CMS; or are in the immediate family of an existing member, you are eligible to join our credit union.

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