Why TruWestDynamic Savings Options for Your Retirement
TruWest offers three types of Individual Retirement Accounts (IRAs): Traditional, Roth and Educational Savings. Choose the option that fits your needs, and take the first step toward securing your financial future.
To open an IRA, visit your nearest TruWest branch or call 1(855) 878-9378.
- Competitive dividends
- Flexible investment options
- Tax benefits available
- NCUA insured retirement funds
Open an IRA—Become a Member
If you are not yet a TruWest member, your IRA will solidify your membership and part-ownership of the credit union. All it takes is a minimum $5 membership deposit and continuing balance.
Types of IRAs
Traditional IRA. Contributions you make to your IRA may be tax-deductible. That means you can jump-start your retirement savings with this high-performing account. However, any withdrawals you make from a Traditional IRA may be taxed as income. For further details, consult your tax advisor.
Roth IRA. If you have more time to save and don’t mind paying taxes now, a Roth IRA may be a good option for you. Contributions you make to your Roth IRA are not tax-deductible, but withdrawals may be tax-free. For further details, consult your tax advisor.
Educational Savings Account (ESA). Contribute to your child’s future with a Coverdell ESA. This account matures without incurring federal income taxes, and withdrawals may be tax-free. For further details, consult your tax advisor.
IRA Certificates for Greater Flexibility
Add a certificate to your IRA, and enjoy high yields, fixed-dividend rates and term options from 3-60 months. To learn more about our IRA Certificate options, visit your nearest branch or call (855) 878-9378.
Rates & Feesfor IRAs
|6 - Month||$500||4.75%|
|12 - Month||$500||4.25%|
|24 - Month||$500||3.75%|
|36 - Month||$500||3.50%|
|60 - Month||$500||3.25%|
Rates effective as of May 1, 2023
Click here to view the most current consumer fee schedule.
*A minimum $5 balance in Share Savings required to be eligible for Services.
**APY=Annual Percentage Yield. APYs are based on monthly compounding. APYs are subject to change. Fees could reduce earnings. Call 1(855) 878-9378 for terms and conditions.
FAQsFrequently Asked Questions
What is an IRA?
An IRA is an account used to accumulate savings for retirement through investments in stocks, bonds and mutual funds. The two common types of IRAs are Traditional and Roth, each offering different tax benefits.
What is an IRA certificate?
An IRA certificate, or IRA CD, is a type of investment you can have within your IRA. Like our other certificates, it offers different term and rate options. The benefits of investing in an IRA certificate include fixed rates and higher yields. However, you’ll have limited access to your funds and will incur penalty fees if you withdraw your money before the certificate matures.
Can I get an IRA certificate without first having an IRA?
Members must first open an IRA before they can invest in an IRA certificate.
Can I get an IRA if I'm already a member?
Yes. If you already have a Share Savings Account, you can still get an IRA. However, you don’t need a Share Savings Account to open an IRA.
Next StepsAs easy as 1, 2, 3
Opening an IRA
To open an IRA, visit your nearest branch, or call us at 1 (855) 878-9378.