Trust Your Future To CU West
When members discuss financial planning, two expenses consistently rank as the most daunting: retirement and your child’s education.
Fortunately, Credit Union West can help you fund these important allocations with various individual retirement accounts. When looking to the future, trust your investments to a financial cooperative that exists to serve you and offers federal insurance up to $250,000*.
Open an account today and explore your IRA options.
A Traditional IRA augments your retirement fund with tax-deferred growth.
- Contributions may be tax-deductible
- No penalties for certain withdrawals
- No income restrictions on participants
- Mandatory distributions start at age 70 ½
The Roth IRA provides different tax advantages to eligible participants.
- Tax-free earnings
- Certain withdrawals are tax-free after five years
- Available only to single-filers earning less than $122,000 or married couples earning a combined maximum of less than $179,000 annually
- No mandatory distributions
Coverdell Education Savings Account (ESA)
Start building your child’s education account with a Coverdell ESA.
- Child must be under 18 or have special needs
- Tax-free, penalty-free distributions for qualified education expenses
You’ll gain more money-management flexibility with an IRA Savings account.
- Open an account with as little as $5 by deposit, roll-over or transfer
- Contribute to the account anytime or regularly with automatic transfer
- Click here to view our Share rate information
Lock in specific rates of growth for your IRA with an IRA Certificate.
- Open an account with as little as $500 by deposit, roll-over or transfer
- Earn higher yields over the course of 6 to 60 months
- Automatically renews for continued growth
- Click here to view our Certificate rate information
What’s My Maximum Allowable Annual Contribution?
- $5,500 in a Traditional or Roth IRA for members 49 and younger
- $6,500 in a Traditional or Roth IRA for members 50 and older
- $2,000 in a Coverdell ESA
For up-to-date guidelines regarding tax rules and regulations, please refer to www.irs.gov.
*IRA accounts are insured separately from other accounts to $250,000 by the NCUA, a U.S. government agency. Please refer to our Membership & Account Agreement for complete details and restrictions on these accounts.