Personal Savings

Choose from accounts that make it easy to stow away your cash — for the future or simply a rainy day.

Individual Retirement Accounts (IRAs)

Where do you picture yourself retiring? In the mountains? By the beach? At Centricity CU, we want to give you the ability to retire wherever you want and live comfortably. That’s why we offer retirement savings options — including Traditional and Roth IRAs. 

Whichever option you choose, you’ll enjoy tax benefits and dividends above what you’ll find with regular savings*. Set up an account today to start saving for tomorrow.

Summary
  • Competitive dividends above standard savings rates for balances of $50 or more
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • $50 minimum deposit to open
Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 & 1/2
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 & 1/2

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on dividends can begin at age 59 & 1/2
  • Early withdrawals on dividends subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

Create an easier transition into college for yourself and your student by setting up a savings account early. A Coverdell Education Savings Account (ESA) provides a tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life.

  • Set aside funds for your child's education
  • No set up fee
  • Dividends grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply**
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 30***
  • The ESA may be transferred without penalty to another member of the family
  • $50 minimum deposit to open

Individual Retirement Accounts (IRAs)

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***Consult a tax advisor.