OverviewTax-free income for retirementHow do you want to spend your retirement? A SEFCU Roth Individual Retirement Account (IRA) can help make it a reality. |
 Tax-FreeGrowth and dividend withdrawals |
Features and BenefitsPay taxes now, reap rewards later
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Rates & Fees
Tiered Dividends
| Average Monthly Tier Balances | Minimum Opening Deposit | Minimum Balance to Obtain APY | Dividend Rate | Annual Percentage Yield* |
|---|---|---|---|---|
| Roth IRA $0 –$2,499.99 | N/A | $1.00 | 0.05% | 0.05% |
| Roth IRA $2,500 –$9,999.99 | N/A | $2,500.00 | 0.10% | 0.10% |
| Roth IRA $10,000 –$24,999.99 | N/A | $10,000.00 | 0.10% | 0.10% |
| Roth IRA $25,000 –$49,999.99 | N/A | $25,000.00 | 0.15% | 0.15% |
| Roth IRA $50,000 & over | N/A | $50,000.00 | 0.20% | 0.20% |
Fees
| Item | SEFCU Fee | New York State Bank/Credit Union average fee** (as of April 2021) |
|---|---|---|
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IRA Close Plan / Transfer Fee |
$15 |
$31.71 |
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Distribution from Contribution |
Non-taxable, no IRS penalties |
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Distribution from Earnings: • Roth IRA is less than five years old • Withdrawals used for higher education |
Taxable, no IRS penalties |
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Distribution from Earnings: • Roth IRA is less than five years old • Withdrawals not used for higher education |
Taxable, may have IRS penalty |
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Distribution from Earnings: • Roth IRA is at least five years old • Owner will be at least 59½ years old during the current tax year |
No tax liability, no IRS penalty |
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Distribution from Earnings: • Roth IRA is at least five years old • Owner won’t be at least 59½ years old during the current tax year • Withdrawals are used to pay for qualified higher education expenses, certain medical expenses or for a “First-Time” home purchase
“First-Time” home purchase means: • The home must be purchased by a grandparent, parent, spouse, child or grandchild of the IRA owner or by the IRA owner • The home purchaser may not have had his or her name on a mortgage deed in the last 3 years • There is a lifetime limit of $10,000 which can be distributed from the Roth IRA for this purpose |
No tax liability, no IRS penalty |
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** New York bank/credit union average fees are accurate as of April 2021 and are published in New York Credit Union Association’s RateWatch.
Compare
See which account is best for you
Roth IRA
- Fund with after-tax money
- Earnings are tax-free (but if withdrawn, can be subject to taxes)
- No required minimum distributions
- Can continue contributing throughout your lifetime
Traditional IRA
- Fund with pre-tax money
- Earnings are tax-deferred
- Must start making withdrawals when you’re 70½
- Contributions stop when you turn 70½
Apply Now
Open a SEFCU Roth IRA today
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Current SEFCU member? Open Today |
Not a member? Join SEFCU |
More to think about...
Roth IRA Share Certificate
Tax-Free Dividends
Open with just $500
Fund with after-tax money
Preferred Savings Account
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* Annual Percentage Yield. Rate and APY are variable and are subject to change after the account is opened. APY is accurate as of today – May 17, 2022. Fees may reduce earnings.