Individual Retirement Accounts

                                                        

This retirement plan 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

This account gives you flexible, tax-free withdrawal options to boost your retirement savings.  Contributions to the Roth IRA have already been taxed, which means if your contributions are according to the specified guidelines, the principal amount is never subject to taxes or penalties in the future.   Additionally, if you refrain from withdrawing any earnings for five years your contribution can grow tax-free.

Traditional IRA

This retirement plan 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.

Coverdell IRA

The purpose of this educational savings account is to pay for your child's education expenses, such as tuition, fee, books, supplies, equipment and in some cases room and board along with computers.  It can also be used to pay for qualified elementary and secondary education expenses.  Earnings grow on a tax-deferred basis and distributions are tax-free if the money is used to pay qualified education expenses.

WCCU offers variable rate IRA’s  and IRA Certificates:

VARIABLE RATE IRA'S

• Can be started with as little as $5.
• Minimum balance to earn interest is $50.
• Deposits can be made anytime for any amount up to the legal maximum.
• Deposits can be made through payroll deduction, automatic transfers or direct deposit services.

IRA CERTIFICATES

• $1,000 minimum deposit.
• Dividents paid every 6 months.

DEDUCTIONS, WITHDRAWALS, PENALITIES

These items will depend on the type of IRA you have. Regardless of age, there will be a $20 charge for transferring all or any portion of your IRA balance, whether it be by direct transfer or rollover.

STATEMENTS

Semi-annual statements are mailed at no charge. (Members with a WCCU checking account receive a monthly statement of all their WCCU accounts.)

YOUR WARRANTY OF SAFETY

Westby Co-op Credit Union is federally insured by the National Credit Union Administration (NCUA). For more information on your NCUA Federal Share Insurance, click here (PDF).