OverviewTax-deferred income for retirementThink you’ll be in a lower tax bracket when you retire? A SEFCU Traditional Individual Retirement Account (IRA) might be a good way to save for your golden years. |
![]() Tax-Deductible ContributionsTax-Deferred Earnings |
Features and BenefitsBuild a retirement fund
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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* |
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Traditional IRA $0 –$2,499.99 | N/A | $1.00 | 0.15% | 0.15% |
Traditional IRA $2,500 –$9,999.99 | N/A | $2,500.00 | 0.49% | 0.50% |
Traditional IRA $10,000 –$24,999.99 | N/A | $10,000.00 | 0.74% | 0.75% |
Traditional IRA $25,000 –$49,999.99 | N/A | $25,000.00 | 0.99% | 1.00% |
Traditional IRA $50,000 & over | N/A | $50,000.00 | 1.48% | 1.50% |
Fees
Item | Fee |
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IRA Close Plan Fee |
$15 |
IRA Transfer Fee |
$15 |
Qualified Distributions List
Item | IRS penalty |
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IRA owner will be at least 59 ½ years old in the applicable tax year |
None |
IRA owner becomes disabled or has died |
None |
Funds used for qualified higher education expenses |
None |
Funds are used 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 three years • There is a lifetime limit of $10,000 which can be distributed from the traditional IRA for this purpose |
None |
Funds are used for medical insurance premiums, provided the IRA owner has been receiving unemployment insurance payments for at least 12 weeks |
None |
Funds are used to pay the portion of unreimbursed medical expenses in excess of 7.5% of the owner’s adjusted gross income |
None |
A withdrawal program has been set up as a series of “Substantially Equal Periodic Payments” that are taken over the owner’s life, and are based on the owner’s life expectancy Once this program is set up, it cannot be changed for 5 years |
None |
All other withdrawals |
Generally 10% of the withdrawal |
Compare
See which account is best for you
Traditional IRA
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Roth IRA
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Apply Now
Open a SEFCU Traditional IRA today
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More to think about...
IRA Share Certificate
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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 – February 2, 2023. Fees may reduce earnings.