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An IRA (Individual Retirement Account) helps you set aside money for retirement while enjoying valuable tax benefits.
Depending on the type of IRA, you may qualify for tax-deductible contributions or tax-free withdrawals in retirement. Unlike employer-sponsored plans, IRAs are fully under your control and can be opened even if you’re self-employed or changing jobs.
Plan today. Pay taxes later.
Build your retirement fund now and reduce your current taxable income. Ideal if you expect to be in a lower tax bracket when you retire.
Tax-free growth for your future.
Pay taxes upfront and enjoy tax-free income in retirement. Ideal for long-term savers who want flexibility and peace of mind.
Smart savings for a child’s education.
Save for a child’s school and college expenses with tax-free earnings and withdrawals — all under your control.
Current IRA contribution limits are as follows:
Note: Coverdell IRA has its own contribution limits (up to $2,000 per year per child)
Compare current rates before you decide
Check our latest savings and certificate rates to see what works best for you.
Better benefits, built around you.
Membership Tax Advantages Required
Reduce taxable income with a Traditional IRA, enjoy tax-free withdrawals with a Roth IRA, or save for education with a Coverdell ESA.
Minimum Opening Balance
A minimum deposit of $50 is required to open any IRA.
No Monthly Maintenance Fees
All IRA accounts are free from monthly service charges.
Dividends Earned Quarterly
Your IRA balance earns competitive dividends, paid out every quarter.
Dividend Payout Options
You can choose to reinvest or transfer dividends to another share account.
What is an IRA?
An IRA (Individual Retirement Account) is a savings account designed to help you save for retirement. It offers tax advantages depending on the type of IRA.
What types of IRAs are available at Nova UA FCU?
Traditional IRA: Contributions may be tax-deductible, and earnings grow tax-deferred until withdrawn.
Roth IRA: Contributions are made with after-tax dollars, but qualified withdrawals are tax-free.
Coverdell ESA (Education Savings Account): A type of IRA for education expenses, allowing tax-free growth when used for qualified education costs.
Who can open an IRA?
Anyone with earned income can open an IRA, subject to IRS rules and contribution limits. Specific eligibility rules may apply for Roth IRAs and Coverdell accounts.
When can I withdraw money?
Traditional IRA: Withdrawals can begin at age 59½ without penalties; earlier withdrawals may incur taxes and penalties. Required minimum distributions (RMDs) must start at age 73.
Roth IRA: Contributions can be withdrawn anytime tax- and penalty-free; earnings may be withdrawn tax-free after age 59½ and 5 years after the first contribution. Roth IRAs do not have required minimum distributions during the owner’s lifetime.
Coverdell ESA: Funds must be used for qualified education expenses; non-qualified withdrawals may incur taxes and penalties. Funds must be distributed by the time the beneficiary reaches age 30.
Are there early withdrawal penalties?
Yes. Early withdrawals from a Traditional IRA may incur a 10% penalty plus applicable taxes. Roth IRAs have penalties on earnings withdrawn early, but contributions can generally be withdrawn without penalty. Coverdell ESA withdrawals for non-education expenses may also incur taxes and penalties.
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