Individual Retirement Accounts (IRAs)
Plan for Tomorrow to Enjoy The Adventure Today
Chart Your Savings Goals
Save for the retirement lifestyle you envision for yourself or the educational opportunities you want for your children.
Growth Options
Place your IRA funds in an IRA Savings Account or one of our IRA CD terms to align with your savings goals.
Flexible Contributions
Chart your journey and add to your account at your own pace within the IRS guidelines.
Tax Advantages
IRA’s often come with tax advantages, talk with a tax advisor to maximize your growth.
Low Annual Plan Fee
The annual maintenance fee for each IRA plan type is only $10.
IRA Types
Traditional IRA
A Traditional IRA can often provide immediate benefits with potential tax deductions every year you contribute. Steadily and securely build savings now for your journey.
When you make a deposit into a Traditional IRA, called a contribution, you do it from your pre-tax earnings. That means that you can likely deduct qualified contributions from your taxable income, subject to annual limits. Once you reach 59½, you can start making withdrawals from your Traditional IRA. Theoretically, you’ll be in a lower tax bracket than you were when you made your contributions, so you’ll pay less tax on the withdrawals.
Disclosure: Seattle Credit Union is not a tax advisor and does not offer tax advice. Consult a licensed tax advisor regarding deductibility for your unique tax situation.
Roth IRA
A Roth IRA holds the potential for the highest tax benefit at time of retirement. With less tax, you have more to spend on the experiences and expenses of your choice.
Roth IRA contributions are made from post-tax earnings, which means you can’t deduct the contributions from your taxable income. However, you can withdraw contributions at any time without IRS penalties, account type withdrawal penalties may apply. The real power of a Roth comes from the fact that the interest can be withdrawn tax-free after age 59½. That can be a significant savings, especially for people who start building their Roth savings early.
Disclosure: Seattle Credit Union is not a tax advisor and does not offer tax advice. Consult a licensed tax advisor regarding deductibility for your unique tax situation.
Coverdell Education Savings Account
A Coverdell ESA or Educational IRA can make the costs of future education more affordable due to tax advantages. ESAs allow you to set aside funds for tuition and other expenses at all levels of schooling.
Structured much like a Roth IRA, Coverdell ESAs allow you to put aside money now for qualified expenses later while reaping the benefits of tax-free earnings.
Anyone can make deposits, or contributions, to a Coverdell ESA on behalf of the minor child for whom the account is opened, up to $2,000/year. Contributions are made from post-tax earnings, which means that contributions can’t be deducted from your taxable income. When you withdraw from a Coverdell ESA for the qualified educational expenses of the minor, any interest withdrawn is tax-free. All of the funds in a Coverdell ESA must be distributed to the minor by the time they turn 30.
Disclosure: Seattle Credit Union is not a tax advisor and does not offer tax advice. Consult a licensed tax advisor regarding deductibility for your unique tax situation.
Current IRA Rates
See all rates.
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Minimum Opening Deposit |
APY* |
|---|---|
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Interest is compounded and credited quarterly. Account transfer and withdrawal limitations apply. |
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Minimum Opening Deposit $5 |
APY* 0.20% – 0.20% |
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Term |
Rate |
APY* |
Bump Option |
|---|---|---|---|
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$1,000 minimum deposit to open an IRA CD. All rates are subject to change without notice. APY* – Annual Percentage Yield. Early withdrawal penalty will reduce earnings on the account. Your account will automatically renew as stated on your Truth-in-Savings Disclosure, Account Receipt, or Renewal Notice. Our Bump Eligible certificates allow members to choose once during the term of the certificate to “bump” their rate, you may request that the rate be increased to the current offered rate of certificates of deposit of the same term length. |
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Term 6 month |
Rate 3.30% |
APY* 3.35% |
Bump Option Not Eligible |
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Term 1 year |
Rate 3.40% |
APY* 3.46% |
Bump Option Not Eligible |
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Term 2 year |
Rate 3.45% |
APY* 3.51% |
Bump Option Eligible |
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Term 3 year |
Rate 3.45% |
APY* 3.51% |
Bump Option Eligible |
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Term 4 year |
Rate 2.60% |
APY* 2.63% |
Bump Option Eligible |
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Term 5 year |
Rate 2.60% |
APY* 2.63% |
Bump Option Eligible |
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Term |
Rate |
APY* |
Bump Option |
|---|---|---|---|
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$50,000 minimum deposit to open an IRA Jumbo CD. All rates are subject to change without notice. APY* – Annual Percentage Yield. Early withdrawal penalty will reduce earnings on the account. Your account will automatically renew as stated on your Truth-in-Savings Disclosure, Account Receipt, or Renewal Notice. Our Bump Eligible certificates allow members to choose once during the term of the certificate to “bump” their rate, you may request that the rate be increased to the current offered rate of certificates of deposit of the same term length. |
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Term 6 month |
Rate 3.40% |
APY* 3.46% |
Bump Option Not Eligible |
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Term 1 year |
Rate 3.50% |
APY* 3.56% |
Bump Option Not Eligible |
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Term 2 year |
Rate 3.54% |
APY* 3.60% |
Bump Option Eligible |
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Term 3 year |
Rate 3.54% |
APY* 3.60% |
Bump Option Eligible |
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Term 4 year |
Rate 2.70% |
APY* 2.74% |
Bump Option Eligible |
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Term 5 year |
Rate 2.70% |
APY* 2.74% |
Bump Option Eligible |
Watch a Video on Retirement Planning
Disclosures
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1) Seattle Credit Union is not a tax advisor and does not offer tax advice. Consult a licensed tax advisor regarding deductibility for your unique tax situation.