CDs and IRAs
Save for the future with a CD. Give us a call or visit for more information on rates.
Open a CD Online
CD/IRA Types
CDs
Deposit your money into an account for a specific term and that will earn you typically higher dividend rates/yields. We offer popular term CDs. Please call or visit for rates.
You have the option to automatically renew your CD for the same term at the rate being offered at that time.
Traditional IRA
- Contribute any amount up to your annual limit.
- If eligible, deduct your annual contribution on your tax return each year.
- At age 59½, you can withdraw money penalty-free.
- At age 73 you must take a minimum distribution each year.
- No need for employer participation.
Roth IRA
- Tax-deferred savings.
- Accessibility of assets.
- Ability to leave assets to the beneficiary of your choice.
- Tax-free distributions (if eligible).
Education
- Make after-tax contributions of $2,000 per year until a child reaches age 18.
- Earnings remain tax-deferred while held in the account.
- Use earnings towards education expenses and the contributions and earnings are distributed tax-free.
Frequently asked questions.
How much can I contribute to my Roth or Traditional IRA?
You can contribute up to the lesser of 100% of your earned income or $6,500 for the 2023 tax year. Once you reach age 50, contribution limits on IRAs increase by another $1,000. This allows for a "catch-up"contribution for those nearing retirement.
Are there age limits to contribute to an IRA?
The Secure Act of 2019 removed the age limit at which an individual can contribute to a traditional IRA. This Act allows anyone that is working and/or has earned income to contribute to a Traditional IRA regardless of age.
Can I withdraw money from an IRA?
Under certain conditions, you can withdraw money from your IRA without penalty. The rules vary depending on the type of IRA you have. Starting at age 59½, you can begin taking money out of your IRA without an IRS penalty, but you will still be responsible for taxes that might be due. Starting at age 73, you generally must take a required minimum distribution (RMD) from many types of IRAs.
Can I transfer my IRA from another institution OR roll over my old 401k from a previous employer to my Roth or Traditional IRA?
Yes, contact your local branch officer and they will guide you through the entire process.
Har-co Credit Union does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Har-co cannot guarantee that the information herein is accurate, complete, or timely. Har-co makes no warranties regarding such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on such information. Consult an attorney or tax professional regarding your specific situation.
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