Individual Retirement Accounts (IRAs)

True convenience means never having to go to a branch. That's why we bring all our products to you 24 hours a day via FREE electronic services. You can keep track of your IRAs via
e-Statements and view your account online to get tax-reporting information.

Traditional IRA*

Save for retirement in a tax-advantaged Traditional IRA. Depending on your circumstances, you may be able to deduct all or part of your IRA contribution from your income tax. Regardless, all earnings grow tax-deferred until withdrawn. (Early withdrawals of either principal or earnings are subject to a penalty.)

To open an IRA, you must be under age 70 ½ and have earned income that at least equals your contribution. If you are under age 50, you may be eligible to make a contribution of up to $4,000. If you turned 50 or older in 2006, you may be eligible to make a contribution of $5,000. Beginning in 2008, if you are under age 50, you may be able to contribute $5,000 per year. If you are 50 or older in 2008 you may be eligible to make a contribution of $6,000. Your tax adviser can help you determine if your contribution is eligible for a tax deduction or credit.

To find out which IRA is right for you, please consult our IRA desk at 1-888-628-4010, ext. 5048, or ask your tax adviser.

Roth IRA*

Like a Traditional IRA, a Roth IRA gives you a tax-advantaged option for retirement savings. Though you fund a Roth with after-tax dollars, you can withdraw funds tax-free provided the account has been open for five years and you're age 59 ½ (other circumstances such as a first-home purchase also qualify).

A Roth doesn't have the "under age 70 ½" restriction of a Traditional IRA (see above), but there are income thresholds that may reduce the amount you can contribute. You need to have earned income equal to the amount of your contribution. To make the maximum contribution according to your age (outlined above in "Traditional IRA"), your modified adjusted gross income must be less than $95,000 for a single person and less than $150,000 for a married couple that files jointly.

To find out which IRA is right for you, please consult our IRA desk at 1-888-628-4010, ext. 5048, or ask your tax adviser.

Coverdell Education Savings Account (ESA)

A Coverdell ESA is a great way to save for the cost of a child's education expenses, allowing total after-tax contributions of $2,000 per year for each child until he or she reaches age 18. When the money is withdrawn to pay for qualified education expenses, earnings are tax-free.

You'll want to consult with your tax adviser to find out if an ESA is right for you. For information about School Employees Credit Union IRAs, please consult our IRA desk at 1-888-628-4010, ext. 5048.

Click here  to receive an application mailed to you. In your e-mail,
please included your name, address and type of IRA you're interested in.

*Eligibility for products is subject to credit approval.

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