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Overview
What is an IRA?
IRA stands for Individual Retirement Account. This account type helps you save for retirement, at a tax-advantage. It’s a great way to prepare for the future and feel more secure.
Your long-term partner
You know the importance of personalized care and building long-term relationships. You want a partner by your side that genuinely cares for your wellbeing, whether you’re just opening your first checking account, or getting ready to retire. LifeCU is not-for-profit and member-focused. We want to stay with you every step of the way by offering great service and stellar rates on all kinds of financial products, including IRAs.
- All you need to open your own IRA is proof of income, plus a minimum of $100 – $500 to fund the account and you’re in.
- Compare Traditional and Roth IRAs
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Rates
Cumulative IRA Share Rates
Type Dividend Rate APY* Minimum Balance to Earn Stated APY Dividends Compounded $5.00 - $9,999.99 0.100% 0.10% $5.00 Quarterly $10,000.00 - $24,999.99 0.150% 0.15% $10,000 Quarterly $25,000.00 - $49,999.99 0.150% 0.15% $25,000 Quarterly $50,000.00 - $74,999.99 0.200% 0.20% $50,000 Quarterly $75,000.00 - $99,999.99 0.200% 0.20% $75,000 Quarterly $100,000+ 0.200% 0.20% $100,000 Quarterly *APY = Annual Percentage Yield. Early Withdrawal Penalty Fees could reduce earnings. Penalties will/may be imposed for early withdrawal on time accounts. The Cumulative IRA is a tiered account. Dividend rates for a particular tier, as disclosed above, will apply to the entire account balance once the minimum daily balance reaches the balance range for that tier.
Fixed Rate IRA Certificate Rates
Type Dividend Rate APY* Minimum Balance to Earn State APY Dividends Compounded 12 month 2.231% 2.25% $500.00 Quarterly 18 month 2.476% 2.50% $500.00 Quarterly 24 month 2.723% 2.75% $500.00 Quarterly 36 month 2.771% 2.80% $500.00 Quarterly 48 month 2.819% 2.85% $500.00 Quarterly 60 month 2.819% 2.85% $500.00 Quarterly *APY = Annual Percentage Yield. Early Withdrawal Penalty Fees could reduce earnings. Penalties will/may be imposed for early withdrawal on time accounts. No deposits allowed except at maturity or during the grace period.
Smart Start and Variable Rate IRA Certificate Rates
Type Dividend Rate APY* Minimum Balance to Earn Stated APY Dividends Compounded Smart Start IRA Certificate / 12 month 0.947% 0.95% $100.00 Quarterly Variable Rate IRA Certificate / 18 Month 0.996% 1.00% $500.00 Quarterly *APY = Annual Percentage Yield. Early Withdrawal Penalty Fees could reduce earnings. Penalties will/may be imposed for early withdrawal on time accounts.
Smart Start IRA Certificate - Additional deposits allowed during the term, $5 minimum.
Variable Rate IRA Certificate - Additional deposits allowed, $5 minimum. Dividend rate & APY subject to change during the term. -
Questions
Frequently Asked Questions
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Yes. The minimum opening balance is $100.
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For a Roth IRA, you will pay taxes upfront, but won't have to pay any taxes on the money when you withdraw it in retirement. A Traditional IRA will reduce your initial tax burden, since you can deposit the money without paying taxes on it, but you will pay taxes on your distributions in retirement. Click here to learn more.
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