Individual Retirement Accounts at Chaffey FCU
Open a Traditional or Roth IRA to build your retirement or opt for a Coverdell IRA to save for your children’s educational expenses. While both Traditional and Roth IRAs are tax-advantaged, in a Traditional IRA, your funds grow tax-deferred and won’t be taxed until they are withdrawn from the account at retirement. In a Roth IRA, taxes are paid on contributions but they allow tax-free growth and withdrawals.
The maximum allowable annual deposit depends on the type of IRA you choose. Consult with your tax adviser to determine which IRA best fits your personal income, tax situation and goals.
- IRA CERTIFICATE: Minimum 12-month term. Minimum $1,000 deposit. Consult your tax professional on early withdrawal penalties.
- IRA SHARES: No minimum opening deposit. No CU penalty for early withdrawal. Federal early withdrawal penalties apply. Deposit by transfer from another account or financial institution, in person or by payroll deduction.
Additional IRA Resources
If you’re looking for advice on how to set-up your IRA contributions or want to learn more about how investing your IRA can help you build your savings, Chaffey FCU offers a free one-hour consultation with a Financial Advisor.
Protection for your Retirement Savings
At Chaffey FCU, your qualifying deposit accounts are insured up to $500,000.
Your aggregate savings accounts are insured to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF)*. Chaffey FCU also provides an additional $250,000 on qualifying accounts**with coverage provided by American Share Insurance (ASI), for combined coverage of up to $500,000.
* Coverage amount is dependent on account ownership structure. Please see a credit union representative for more information or visit https://mycreditunion.gov/insurance-estimator
** Qualifying deposit accounts exclude public fund deposit accounts.