
IRA savings Account
Looking for Retirement Planning Solutions? As Northeast Ohio’s Trusted Credit Union, We Can Explain How IRAs Work – and How They Can Work for You!
If you’re confused by the choices available for retirement planning, you’re not alone. Retirement planning accounts can be employer-supported, such as a 401(k), or available to individual investors like Individual Retirement Accounts (IRAs). IRAs provide an opportunity to invest in your retirement with tax benefits, and depending on the type of IRA you choose (Traditional or Roth), you can enjoy tax advantages in different ways. At FFCCU, we can guide you through your options and help you find the best IRA account to suit your needs. With just $50, you can open a Traditional or Roth IRA with us, and enjoy the benefits of no maintenance fees**, monthly dividends, and the flexibility to make contributions in lump sums or through regular deposits throughout the year. Investing in an IRA is a tax-advantaged way to grow your retirement funds, and we can help make it simple and easy for you.
Traditional IRAs vs Roth IRAs:
What is the best IRA account for you
If you’re looking to save money for retirement, you may already be familiar with employer-sponsored 401(k) plans or other retirement plans, which are designed to help you either defer taxes or pay lower taxes later in life. These types of accounts encourage people to start saving for their Golden Years in ways that create the most financial benefit. So, how should IRAs fit into your overall retirement-saving plan? In most cases, both Traditional IRAs and Roth IRAs offer great tax-savings benefits. However, the amount you’re allowed to contribute is relatively low compared to other retirement savings plans. When investing in an IRA, consider these rules, limits and requirements – before deciding which type of investment is best for you.
Traditional IRA
With a traditional IRA, there are no maximum income limits to open the account, only a $50 minimum balance, and no minimum contribution requirements. Contributions can be tax deductible and taxes are not imposed on earnings until they are withdrawn.
You can begin making withdrawals at age 59 ½, and withdrawals are mandatory beginning at age 73. On the flip side, traditional IRAs are also subject to an early withdrawal penalty.
Roth IRA
A Roth IRA features tax-free withdrawals for certain distribution reasons after a 5-year holding period. Since Roth IRA contributions are non-deductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a Traditional IRA.
Unlike the traditional IRA, there is no requirement to begin taking distributions at age 72. However, there are income limitations for eligibility for a Roth IRA.
**COLAs are potential cost-of-living adjustments each year. For more information, visit the IRS website at www.irs.gov. (add link to irs.gov/IRA Contribution Limits)
KUDOS!
Customer service is very understanding, and they make sure that your needs are met. I have been with the Firefighters Community Credit Union for over 40 years and I will remain a member.
-Teresa G.
I was connected to this credit union through my employer back in 1989. I don’t know where to begin on how life changing my membership has been. The entire staff is wonderful regardless of branch...
-Drew M.
Jovan, Bev, Jenny, and the other personnel at the Wellington branch are absolutely Rock Stars. They have always been so helpful, they are the greatest 😊
-Sue S.
The FFCCU team went above and beyond to help my 16-year-old get onto her mobile app. They were very helpful and kind. Definitely #peoplehelpingpeople and #CUDifference!
-Donna P.
I feel good using a credit union instead of a regular bank. Having the interactions with FFCCU teammates has been a gamechanger. It’s completely changed the way I see myself interacting with my financ...
William W.
KUDOS to Laura Z. Thank you for all your time and help. All my issues were resolved. You are greatly appreciated!
-Donna H.
Clicked the “Live Chat” button, asked my question, got my answer literally within a minute. THIS is what support from a banking institution should be like. Thanks so much for your help!
-Ryan M.
The quick response was A-1. The respect was apparent, and the knowledge? –muah!– [chef’s kiss] Thanks to the North Ridgeville Branch team!
-Kim M.
Shared branching lets me, as a member of an out-of-town credit union, access FFCCU’s services. I have never had a bad experience working with FFCCU and appreciate that they have helped me make large d...
-Paul P.
Erica Irons went above and beyond for our home loan! In spite of storm damage causing our branch to close, she made our transaction smooth. I love FFCCU in Willoughby ❤️
-Mary Kay & Joe
The live chat team always does an outstanding job handling my frequent use of online messaging. I’m hearing impaired and prefer messaging to phone calls. They handle all my issues quickly and thorough...
-Denny J.
My experience with FFCCU’s Parma branch has been nothing but positive. Obtaining an auto loan was really easy, even though I came to the establishment as a nonmember.
-Star B.
Competitive IRA Rates
Account Type | Minimum Balance | APY* |
---|---|---|
Traditional IRA | $50+ | 0.30% |
Roth IRA | $50+ | 0.30% |
*APY = Annual Percentage Yield. This rate schedule states rates applicable to specified accounts. Dividends are credited to your account and compounded every month. Minimum balance requirements apply to average daily balance. Call 800.621.4644 for current rates as they are subject to change at any time and without notice. **IRA Transfer/Rollover out or Close IRA (within six months) fee is $25.00.
Take Advantage of These Credit Union IRA Benefits
When you open an IRA with FFCCU, we help you maximize the benefits of this savings vehicle. Ask us more about these advantages!
Tax savings
Whether you choose to open a Traditional or Roth IRA, there are tax benefits. We can take you through all the options to help you decide which is best for your needs and growth.
No setup or maintenance fees!*
Because we’re a credit union – and not a brokerage firm — we don’t charge you to open an IRA savings account, and there are never any hidden maintenance or service fees.
*Fees apply for Transfer/Rollover out and for Closing (within six months). Contact the credit union for current fee information.
Savings choices
Traditional and Roth IRA certificates are also available with a minimum deposit of $500 in terms of 6, 12, 18, 24, 36, 48, and 60 months.
Great IRA rates
As a credit union, we always look for ways to help our members maximize their investments. That’s why we always aim towards a good and stable rate of return for our customers.
Open an IRA Savings Account with Us Today
Opening a Traditional or Roth IRA with FFCCU is easy. There’s nothing to manage, deposits can be set up to automatically transfer into your account, and you can view your account details easily through FFCCU’s convenient online banking portal. Plus, there’s no application fee, approval process or maintenance fees**.
To open an IRA Savings Account with us today, please keep in mind the following steps:
IN-PERSON VISIT:
The process must be done in person since certain documentation is required.
KNOW YOUR IRA TYPE:
You’ll need to be clear about whether you want a Traditional or Roth IRA. Unfortunately, we cannot offer recommendations or guidance on this matter.
MINIMUM BALANCES:
To get started, you’ll need a minimum balance of $50 for a savings account or $500 if you’re interested in a certificate.
We’re here to make the process as straightforward as possible for you, so feel free to visit us in person with the necessary documents and knowledge of your IRA preference.
Investments Backed by ASI
FFCCU is proud to be an American Share Insurance (ASI) credit union. Founded in 1974, ASI is the nation’s largest provider of private share insurance. Currently, over 1.2 million members belong to credit unions insured by ASI, creating strength in numbers. This means your IRA savings account is fully insured up to $250,000 per depositor and backed by ASI protection. It’s a level of protection and safety you often won’t find with a traditional bank.
SERVING OHIO SINCE 1936
We know Ohio because we live and work here too. We’ve been helping our customers with their community credit union needs since 1936. Wherever you live in Northeast Ohio, we can help:
- Cuyahoga
- Geauga
- Lake
- Lorain
- Medina
- Portage
- Summit
FAQs
The amount typically changes annually. Please consult with your tax advisor for details.
It depends on your earnings and the current IRA rules, which typically change annually. Please consult with your tax advisor for details.
If you are a self-employed individual, contributing to an IRA can be a smart savings option for your retirement. It’s essential to consider how much you should put into your IRA per month to reach your savings goals. Maximizing your contribution, as suggested, is an excellent starting point for many people. However, as a self-employed individual, you should also evaluate your cash flow and budget to determine if you can afford to contribute more. Remember that the contribution limits for IRAs are the same for all taxpayers, including self-employed individuals. So, whether you are employed or self-employed, it’s crucial to maximize your IRA contributions to ensure a comfortable retirement.
*APY = Annual Percentage Yield. This rate schedule states rates applicable to specified accounts. Dividends are credited to your account and compounded every month. Minimum balance requirements apply to average daily balance. Call 800.621.4644 for current rates as they are subject to change at any time and without notice.
**IRA Transfer/Rollover out or Close IRA (within six months) fee is $25.00.