IRAs
Save tax-deferred for your retirement with an Individual Retirement Arrangement (IRA).
Limited Time Offer. Store It & Watch It Grow!
Promotional IRA Certificates.
12-Month Certificate 4.00%APY*
Types of IRAs available at North County CU
- Traditional IRA - Contributory, Transfer, and Rollover plans
- Roth IRA - Contributory, Conversions from Traditional IRAs, Transfer and Rollover plans
Which is better for me, a Traditional IRA or a Roth IRA?
North County CU IRA features
- No set-up or annual maintenance fees
- Convenient deposits through payroll deduction and automatic transfers
- Attractive rates, with higher rates for IRAs with larger balances
- Funds insured by the National Credit Union Administration, a U.S. Government Agency
IRA Account options:
IRA Savings Account
Great when you don't want to lock-in your funds
- Requires a minimum opening deposit of $100
- Dividends are paid quarterly based on a daily balance of $100 or more
IRA Certificate Accounts
We offer three different IRA Certificates:
Fixed Rate IRA Certificates
- Dividend rates are guaranteed until maturity and depend on the term you select
- Minimum deposit amounts of $1,000, $50,000 & $100,000 available
- Choose from terms ranging from 1 to 4 years
- Dividends are compounded daily and paid quarterly and at maturity
Boost Certificates
- Great for rising rate environment; if rates rise, you can "boost" your rate to the current rate without penalty or changing the terms of your certificate
- Minimum deposit amounts of $1,000, $50,000 & $100,000 available
- 5-year term only
- Dividends are compounded daily and paid quarterly and at maturity
Variable Rate IRA Certificates (Traditional & Roth)
- Rate is tied to the interest rate market instead of a fixed rate established by the credit union
- Open with a minimum deposit of $1,000
- 2 or 3-year terms available
- Dividends are compounded daily and paid quarterly and at maturity
Traditional & Roth Requirements**
Traditional IRAs:
- You must have earned income for the year and be younger than 70½ years
- Individuals who do not participate in a pension plan at work, or who do participate and meet certain income guidelines, are eligible to make deductible contributions
- Contribution limit for 2022 is $6,000; for 2023 is $6,500
- Individuals age 50 and older can contribute an extra $1,000 each year to "catch-up"
- Contribution limits cover both IRA options (e.g., for a $6,000 limit, you can put $3,000 in a Roth IRA and $3,000 in a traditional IRA, or $6,000 in one or the other, but not in both)
- Most withdrawal are taxed as income
- Most withdrawals before age 59½ result in a IRS penalty
- Distributions are mandatory at age 70 1/2
Roth IRA:
- Contributions are allowed if meet certain income guidelines
- Contribution limit for 2022 is $6,000; for 2023 is $6,500
- Individuals age 50 and older can contribute an extra $1,000 each year to "catch-up"
- Contribution limits cover both IRA options (e.g., for a $6,000 limit, you can put $3,000 in a Roth IRA and $3,000 in a traditional IRA, or $6,000 in one or the other, but not in both)
- At age 59½, earnings may be withdrawn tax free if the funds have been in the account for at least 5 years
- Most withdrawals before age 59½ result in IRS penalties
- Qualified "Special Purpose" distributions (of contributions and earnings) are allowed before age 59½ without tax penalty for qualified higher education expenses and for up to $10,000 towards a first time home purchase
Learn more about saving for and living in retirement.
Learn more about investment IRA options.
To open or for further information
Contact Us
*APY = Annual Percentage Yield. Current dividend rate is 3.922% for a 12-month certificate term. Rate is effective October 1, 2024. Funds must be new to North County Credit Union. Certificate will rollover at maturity into a 12-month term at the prevailing dividend rate unless otherwise instructed. Early withdrawal penalties apply. Please see our Truth-In-Saving Booklet for details. Certificate must have a $2,500 minimum opening and ongoing balance. This offer is valid on fixed-rate Share Investment and IRA Certificates only. North County Credit Union reserves the right to end or modify this offer at any time without notice. For current dividend rates call 858-487-1880.
**Check with your tax advisor or the Internal Revenue Service.
