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IRAs are Savings accounts designed to help wage earners save for retirement. Many members may still be eligible to deduct their IRA contributions from their taxable income. For them, IRAs are great investments. For those who may not take the deduction, an IRA still remains one of the best methods to save for retirement. Because IRA earnings are sheltered from taxes, IRAs grow faster than ordinary savings accounts.

Multiple IRA options are available:

  • IRA/Savings – offers the flexibility of saving with a minimum investment
  • IRA/CD – allows a guaranteed interest rate to be locked in for the length of the term
  • Roth IRA – your investment growth is federally tax-free when withdrawn as part of a qualified distribution (as defined by the IRS)
  • Traditional IRA – is a good choice if you're eligible to make a deductible contribution and expect your tax rate during retirement to be lower than it is today. Any investment growth is tax-deferred, and you won't pay federal income taxes on your deductible contributions or any earning until you withdraw money on or after reaching the age 59½

To find out what IRA option(s) are best for your financial situation, speak with a Smart Financial Credit Union representative.

Individual Retirement Accounts (IRA)
Effective Date: Wednesday, July 17th, 2019
AccountMinimum to OpenMinimum BalanceInterest RateAPY
IRA (Savings) $100 or $50 w/ payroll deduction-Direct Deposit $0-2,499.99 .40% on entire balance 0.40%
    $2,500.00-9,999.99 .40% on entire balance 0.40%
    $10,000.00-24,999.99 .60% on entire balance 0.60%
    $25,000.00+ .70% on entire balance 0.70%

Individual Retirement Accounts/Certificates of Deposit
Effective Date: Wednesday, July 17th, 2019
TermInterest Rate APR*APYMinimum Opening Balance
12-month IRA 1.90% 1.92% $1,000
24-month IRA 2.45% 2.48%  
36-month IRA 2.60% 2.63%  
48-month IRA 2.70% 2.73%  

To open an account, please visit a branch.

*Earnings may be tax-deferred or tax-deductible. Consult your tax advisor for details.

**Early withdrawal fee/penalty: None, unless the withdrawal is from an IRA CD before the maturity date. The IRS, however, may impose a 10% penalty if withdrawn before age 59 ½. Certain exceptions may apply.