Individual Retirement Accounts

Retire on your terms

Get ready for retirement with Members 1st by your side. Opening your account at any branch is fast and easy, and with a wide range of investment choices, you're sure to find an option that fits your needs.

Understand your options

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Traditional IRA

With a traditional IRA account, you don't pay taxes on the money you deposit or the money that your investment earns. But you will pay taxes when you take the money out during retirement, and penalties apply for early withdrawal.

  • If you are under age 50, you can contribute $6,000 annually.
  • If you are age 50 or older, you can contribute $7,000 annually.
  • Current year contributions may be made at any time.
  • Previous year contributions are accepted from January through April 15.
  • Available as a money market or certificate account.

Putting money in: Contributions to a traditional IRA may be tax-deductible in the year you make them, depending on your income and participation in an employer-sponsored retirement plan, such as a 401(k). You can continue to contribute to these accounts as long as you have earned income (a paycheck).

Tax-deferred savings: Your contributions and earnings grow tax-deferred, which means you won't pay income taxes until you withdraw money from the account. Even if you aren't eligible for a tax deduction, your savings will still be tax-deferred.

Taking money out: You'll need to begin withdrawing (usually referred to as required minimum distributions) by age 72. The money will be taxed at your income tax rate at the time you withdraw it.

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Roth IRA

With a Roth IRA, you pay taxes on the money you contribute—but after that, the money grows tax free. You also don't pay taxes when you withdraw the money during retirement. Unlike a traditional IRA, you can take out the money you've contributed at any time, penalty free.

  • If you are under age 50, you can contribute $6,000 annually.
  • If you are age 50 or older, you can contribute $7,000 annually.
  • Current year contributions may be made at any time.
  • Previous year contributions are accepted from January through April 15.
  • You can contribute at any age as long as you are earning reportable income.
  • Available as a money market or certificate account.

Putting money in: With a Roth IRA, your contributions aren't tax-deductible. Contributions can be made as long as you have earned income.

Tax-deferred savings: Roth IRAs allow for tax-free growth over your lifetime.

Taking money out: Withdrawals are tax-free, subject to certain requirements:

  • You're at least age 59½.
  • You've had your account for at least five years.

You can still make withdrawals if you don't meet these requirements, but you may pay taxes and/or penalties.

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Support at Every Step

We're here to make sure you never feel lost on the road to retirement.

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Manage online

With our online banking and mobile app, you can instantly check your IRA balance, make deposits, or create a savings plan.

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MyConcierge™

Know you need to start saving, but not sure where to begin? No worries. From the moment you open your retirement account, you'll have a single point of contact that you know by name to help you along the way.

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Rates that grow your money

Your goals may be closer than you realize. With our money market and IRA accounts, we often have interest rates higher than the national average.

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Loads of choices

When it comes to investing for your future, it pays to have options. We offer flexible terms, special certificate rates, and low-or-no fees across the board.

Common Questions

Please bring your driver's license or other approved photo ID to open an IRA. The branch has all of the other documents you will need to open an IRA.

Your tax advisor can answer any questions you may have on tax deductions. From there, we'd be happy to guide you through the next steps.

This is another question that your tax advisor can assist you with. Keep in mind, there may be tax implications when taking out money early.

Ready to retire early? Good for you! We suggest contacting your tax advisor concerning your options for early retirement.

Ready to get started?

You can stop by any branch to open your IRA account.

Find your branch
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