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Individual Retirement Account

An IRA is a tax-sheltered account that allows you to save on taxes while saving for retirement or other needs. BACU’s Traditional, Roth, and Education IRAs are one of the best ways to start planning for your future while also reducing your taxes.

  • No minimum deposit for Individual Retirement Accounts
  • $500 minimum deposit for IRA Certificates
  • No annual or maintenance fees

With a Traditional IRA, you receive tax-deferred earnings until they are withdrawn, plus potential tax deductions. Roth IRA contribution amounts are not tax-deductible, but your earnings are tax-free. Education IRA contributions are tax-free and withdrawals are penalty-free when the funds are withdrawn and applied to college expenses, primary education, or secondary education.

Click on the following link for detailed information on Individual Retirement Accounts: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

As always, you should consult with your tax advisor regarding specifics on contribution limits or any possible tax deductibility.