Individual Retirement Account

An Individual Retirement Account (IRA) is a special type of savings account into which you put money during your earning years to help cover living expenses during retirement. IRA’s can often help reduce your current tax bill by allowing you to defer income tax on dividends the account earns. Part or all of your contributions may also be tax-deductible, depending on your overall income and pension plan participation status. HRCU offers Traditional IRA, Roth IRA and Coverdell Education Savings Accounts. Each type of IRA account offers unique features for each account purpose.

Traditional and Roth IRA Account Features and Benefits:

  • No minimum account balance or deposit.
  • No account fees.
  • No minimum contribution or limit on number of deposits.
  • Dividends are compounded and paid quarterly.
  • All shares are insured.
  • Competitive rates of interest.
  • Freedom to access or move assets.
  • Independence from employer participation.
  • Possible tax credit for contributions.
  • Flexibility in choosing investment options and contribution amounts.
  • Ability to leave assets to the beneficiaries of your choice.
  • Members may make contributions through the convenience of direct deposit and payroll deductions

Coverdell Education Savings Account Features and Benefits:

  • No minimum account balance or deposit.
  • No account fees.
  • No minimum contribution or limit on number of deposits.
  • Dividends are compounded and paid quarterly.
  • All shares are insured.
  • Competitive rates of interest.
  • Members may make contributions through the convenience of direct deposit or payroll deduction.

*Due to the complex rules effecting IRA’s and ever changing government regulations, members requesting specific IRA Account type information should contact a credit union member service representative. Please also seek tax advice from a Tax Adviser or Accountant regarding tax information. To transfer any IRA type  to another financial institution or closing of any IRA type there will be a fee from HRCU.

To find out more information regarding HRCU’s IRA Accounts, please contact a Member Service Representative!