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Individual Retirement Accounts (IRAs)

Plan for the future you deserve with a UMCU IRA. Enjoy tax advantages, investment opportunities, and peace of mind as you grow your retirement savings.

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Secure Your Future with a UMCU IRA

It’s never too late — or too early — to start saving for retirement. The best time to plan is now, and UMCU is here to help. We offer Traditional and Roth IRAs designed to grow your retirement savings with tax advantages, investment opportunities, and peace of mind. Choose the option that fits your goals, and take control of your financial future today.

Open an Account 

  • Invest Up to $7,000 Annually: $8,000 if you're over 50
  • Flexible Use: IRAs can often be used for higher education expenses
  • Traditional IRAs: Potential income tax deductions for every contribution
  • Roth IRAs: Tax-free growth and tax-free withdrawals
  • Financial Counseling: Let us assist you in your financial savings goals

IRA Rates

Deposit Tier Term Interest Rate APY*
IRA $500 minimum deposit 6 Month 2.51% 2.54%
12 Month 3.58% 3.64%
24 Month 2.66% 2.69%
36 Month 2.70% 2.73%
48 Month 2.70% 2.73%
60 Month 2.70% 2.73%
IRA $10,000 minimum deposit 6 Month 2.61% 2.64%
12 Month 3.68% 3.74%
24 Month 2.76% 2.79%
36 Month 2.80% 2.83%
48 Month 2.80% 2.83%
60 Month 2.80% 2.83%
IRA $100,000 minimum deposit 6 Month 2.71% 2.74%
12 Month 3.78% 3.85%
24 Month 2.86% 2.90%
36 Month 2.90% 2.94%
48 Month 2.90% 2.94%
60 Month 2.90% 2.94%
Term Interest Rate APY*
6 Month 2.51% 2.54%
12 Month 3.58% 3.64%
24 Month 2.66% 2.69%
36 Month 2.70% 2.73%
48 Month 2.70% 2.73%
60 Month 2.70% 2.73%
Term Interest Rate APY*
6 Month 2.61% 2.64%
12 Month 3.68% 3.74%
24 Month 2.76% 2.79%
36 Month 2.80% 2.83%
48 Month 2.80% 2.83%
60 Month 2.80% 2.83%
Term Interest Rate APY*
6 Month 2.71% 2.74%
12 Month 3.78% 3.85%
24 Month 2.86% 2.90%
36 Month 2.90% 2.94%
48 Month 2.90% 2.94%
60 Month 2.90% 2.94%

Related Resources

Calculators

Access calculators to plan and manage your finances.

Blogs

Explore helpful articles, tips, and updates.

Webinars

Watch webinars to learn about finances, services, and more.

Events

Discover upcoming UMCU events.

Downloads

Find downloadable forms and account resources.
View All Resources

We Also Recommend

Money Market Savings Account

Money Market Savings Account

  • Tiered Earned Interest on Deposited Funds
  • No Monthly Fee
  • $500 Minimum Deposit to Open
  • Sub-accounts for Your Individualized Goals
  • Nationwide Fee-Free ATM Access
  • Financial Counseling Available
Certificates of Deposit

Certificates of Deposit

  • Flexible Terms
  • No-Risk Growth
  • Access Earned Interest Anytime
  • $500 Minimum Deposit to Open
  • Financial Counseling Available

FAQs

Everyone's financial situation is unique so the best way for you to save for retirement depends on many factors! We encourage you to speak to one of our helpful and knowledgeable team members who specialize in retirement planning. Give us a call or schedule an appointment to learn more about UMCU's IRA accounts.

Who Qualifies?
  • Traditional IRA: Anyone who has earned income or whose spouse has earned income. 
  • Roth IRA: Anyone with earned income whose annual gross income is below $161,000 (single) or $240,000 (joint). 

Taxes
  • Traditional IRA: Tax-deferred investment; taxes come out at time of withdrawal. Possible tax deductions.
  • Roth IRA: Taxes are paid before contributing. Possibility of tax-free investment growth.

Annual Contributions: Maximum of $7,000. Contributions to a combination of Traditional and Roth cannot exceed $7,000. After age 50 you can contribute an additional $1,000 as a "catch up".

Mandatory Distributions:
  • Traditional IRA: Distributions must begin after you turn 73.
  • Roth IRA: No withdrawal requirements.

 

Though IRAs are a type of savings account, they are not exactly the same. Below are a few differences to keep in mind. 

Goals
  • Savings Accounts: Good for short term and emergencies
  • IRAs: Long term for retirement age

Funds
  • Savings Accounts: Stay as cash
  • IRAs: Invested in stocks, mutual funds, and ETFs

Limits?
  • Savings Accounts: No limit to contributions
  • IRAs: Yearly limits

Withdrawals
  • Savings Accounts: Funds can be withdrawn at any time
  • IRAs: Funds cannot be withdrawn until age 59 1/2 or you'll pay a penalty

Advantages
  • Savings Accounts: Holds cash deposits. May earn interest depending on the type of savings account
  • IRAs: Some tax advantages may apply depending on the type of IRA
See All Questions

Disclaimer

APY = Annual Percentage Yield

Full disclosure information.

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