Individual Retirement Accounts (IRA)
Individual Retirement Account or IRA is a form of a individuals retirement plan. Sky Federal Credit Union offers many different IRA options that can provide tax advantages for retirement savings. Many financial experts estimate that you may need up to 85% of your pre-retirement income for retirement. Your employer-sponsored savings plan, possibly a 401(k), might not be enough to gather the savings needed. You may contribute to both a 401 (k) and an IRA. Please consult with a tax professional for any advice on the benefits of an IRA account.
Dividends are calculated and paid monthly based on your average daily balance. The dividend rate may be variable and subject to change.
Looking to start your Retirement Planning? Find out how much monthly income your retirement savings will provide. Click here to use our Retirement Savings and Planning Calculators.
For all associated fees with IRA accounts, please refer to our Cost Recovery Schedule Disclosure.
IRA Shares – Traditional and Roth
- No monthly or annual fees
- $25 minimum deposit required.
- Payroll deduction contributions
Our IRA Certificates are a great way to earn higher yield dividends while saving for retirement.
- Variable or fixed rates
- $500 minimum balance requirement – Traditional and Roth
- $100-$500 minimum balance requirement for Coverdell Education Savings Accounts
- Terms available 1-5 years
Roth IRA FastTrak Account
This systematic savings account offers you the convenience of automatic deposits with sky-high rates. Watch your savings grow!
- $25 minimum to open
- $25 minimum monthly deposit required
- Make deposits with direct deposit, payroll deduction, ACH deposit (coming from another financial institution), or automatic transfer between your Sky FCU accounts
- Smaller deposits can be made during the month, but the monthly deposits must total at least $25
Coverdell Education Savings Account (ESA)
This account allows individuals to contribute to an account on behalf of a child, and is designated to help pay education expenses.
Simplified Employee Pension (SEP)
A SEP is a Traditional IRA retirement savings plan that small companies can offer to their employees and is ideally suited for the self-employed.
Please contact a Financial Services Representative at (800) 445-3328 for more information on your IRA options.