Individual Retirement Accounts

Whether you’re saving for retirement or education, we have a program that can help you achieve your goals. Protected by the NCUA up to $250,000, an EECU Individual Retirement Account (IRA) is an excellent way to grow your funds while deferring taxes.* EECU offers several options from which you can choose to best fit your needs:

Traditional IRA
Offers tax-deferred earnings and the possibility for tax-deductible contributions. These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan.

Roth IRA
Qualified distributions are tax-free, flexible withdrawal options are available and the amount you can contribute is increasing.

Coverdell Education Savings Accounts (formerly known as Education IRA)
Can be opened for any child under age 18 to fund his or her educational expenses, such as tuition, fees, books, supplies, equipment, and in some cases, computers and room and board. Earnings grow tax-free if distributions are used for qualified education expenses.

For your convenience, all EECU Term Share Accounts from 12 – 60 months are also available as Individual Retirement Accounts (IRAs). With an IRA Term Share Account from EECU, you get the tax advantages of an IRA Account and the higher returns of a Term Share Account. An IRA Term Share is the ideal way to enjoy the benefits of tax-deferred earnings for retirement. The minimum balance requirement is $100.

For current IRA rates, please see our online rate page. To open an account, contact a Member Service Representative at 517.787.2060 or 877.894.5033 today!

*The Internal Revenue Code may impose a penalty on withdrawals of taxable amounts before you reach age 59 ½. Consult with your tax advisor for additional guidance on which type of IRA may best fit your needs.

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