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Whether you're just getting started or you've already built up a nest egg, it's important to be financially prepared for retirement. The first step toward financial security is taking the time to learn about your current financial situation and savings options. An IRA provides a tax-advantaged method of saving for retirement.
UVA Community Credit Union offers the following account choices for Traditional IRA, Roth IRA, and Coverdell Education Savings Accounts (ESA):
These variable rate accounts require only a minimum balance of $100 to earn dividends, have no maturity date and offer the flexibility of making additional deposits. Dividends are calculated monthly and compounded quarterly.
IRA and Coverdell ESA Certificates offer competitive fixed rates, allowing you to lock in a guaranteed rate of return for your savings over the certificate's maturity period. These accounts require only a minimum balance of $500 and are available in various terms. Dividends are calculated monthly and compounded quarterly. Early withdrawal penalties apply and are in addition to any penalties imposed by the IRS in accordance with IRA and ESA regulations.
You can use our online guides Exploring Your IRA Options and Growing Your Savings During Every Stage of Your Life to learn more about IRA options.