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An IRA (Individual Retirement Account) is a special savings plan authorized by the federal government to help you accumulate retirement or education funds. IRA accounts offer special tax-saving incentives for qualified individuals (consult your tax adviser regarding your specific situation). The IRA accounts at Banner Federal Credit Union are federally insured separately from other savings accounts up to $250,000 by the NCUA. IRA accounts typically earn higher rates of return than regular share savings accounts.
Saving for retirement or tuition expenses has never been easier with an IRA account from Banner Federal Credit Union. Banner Federal offers the following types of accounts in savings or time deposits that range from 6 months to 3 years. Best of all, IRA’s may provide you a tax break*.
Traditional IRA
Contributions may be a tax-deduction and earnings are tax-deferred until withdrawal.
Roth IRA
Tax-free earnings until retirement and withdrawals may be tax-free
Coverdell ESA
A tax-deferred savings that can help you plan for educational expenses.
Annual Contribution Limits
| Type of Savings | Tax Year | Annual Contribution Limit | "Catch Up" Contributions for Owner's Age 50 and Older |
|---|---|---|---|
| Traditional | 2009 | $5,000.00 | $1,000.00 ($6,000.00 total) |
| 2010 | $5,000.00 | $1,000.00 ($6,000.00 total) | |
| Roth | 2009 | $5,000.00 | $1,000.00 ($6,000.00 total) |
| 2010 | $5,000.00 | $1,000.00 ($6,000.00 total) | |
| Coverdell ESA | 2009 | $2,000.00 | N/A |
| 2010 | $2,000.00 | N/A |
Call one of our IRA specialists today at (480) 321-4900 or (623) 974-7577 for more information.
Traditional IRA and Roth IRA accounts are combined and insured up to $250,000 and backed by the full faith and credit of the United States Government.
*Please consult your tax professional for advice regarding the best IRA investment for your situation.