Rates

Ensure you get the life you deserve after retirement with a competitive-rate IRA. We offer Traditional and Roth options.

Details
  • Competitive dividends above standard savings rates
  • Tax advantages to boost your balance*
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $25 minimum deposit to open 

*Consult a tax advisor.

Traditional vs. Roth

Which kind of IRA works best for you? Traditional and Roth IRAs both offer distinct tax-advantages to help you save. But they work in different ways. Consult a tax advisor to determine the IRA that best suits your retirement plans. 

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½ 

Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor.

Simplified Employee Pension (SEP) IRA
  • Ideal for businesses of any size or self-employed individuals
  • Gain the respect of your employees
  • Help employees reach their retirement savings goals
  • Employee always has complete ownership of all SEP IRA money
  • Earn competitive dividends when you maintain a minimum average daily balance of $25
  • Contributions are tax deductible; your business pays no taxes on earnings
    • Contributions made only by the employer
    • Only self-employed may make contributions on their own behalf
  • Little to no documents to file with government
  • Inexpensive to set up and operate
  • Flexible annual contributions – good plan if cash flow is unpredictable
  • Can contribute up to 25% of each participant's annual compensation (earned income)
    • Or, up to the maximum allowable limit for current plan year, whichever is less*
    • Must contribute equally for all employees
  • Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
  • $25 minimum deposit to open

View our Truth in Savings Disclosure for more information.

Other IRA Options

IRA Certificates

Our IRA Certificates are a great way to earn higher-yield dividends while saving for retirement.

  • Variable or fixed rates
  • $500 minimum balance requirement for Traditional and Roth
  • $100 minimum balance requirement for Coverdell Education Savings (ESA) Accounts
  • A wide range of terms available (from 1 to 5 years)
  • Minimum deposit to open is based on term

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 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
  • $25 minimum deposit to open
Coverdell ESA

Create an easier transition into college for yourself and your student by setting up a savings account early. A Coverdell Education Savings Account (ESA) provides a tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life.

  • Set aside funds for your child's education
  • No setup or annual fee
  • Earnings grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses1
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply2
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 303
  • The ESA may be transferred without penalty to another member of the family
  • Minimum deposit to open is based on term

1Qualified expenses include tuition and fees, books, supplies, board, etc.

2Consult your tax advisor to determine your contribution limit.

3Those earnings are subject to income tax and a 10% penalty.