IRAs
IRAs
Start saving for your future today.
Everyone has unique dreams for the future, and at USC Credit Union, we’re here to help you reach yours. Consider opening a high-interest Individual Retirement Account (IRA) to grow your nest egg for a comfortable retirement. Or, why not start a Coverdell Education Savings Account to save for education expenses in a smart way? We’re all about giving you choices that fit your life and making saving a seamless part of your routine.
Benefits
- Tax-deferred growth on IRA contributions and gains
- Tax-free growth and withdrawals on Coverdell Education Savings*
- Investment planning services available to help you reach your long-term goals
- Financial wellness resources for every investor
- Superior financial solutions and personalized service
- Build your financial security
Invest for the years ahead with tax-deductible contributions to an individual retirement account. Save a little at a time and watch your contributions grow tax-deferred until you withdraw them. It’s your future. Own it.
- Pay no monthly service charge
- Open with $100 minimum balance (Share) or $1,000 (Certificate)
- Contribute up to $7,000 per year if you’re under 50, $8,000 if over 50
APY is accurate as of 12.8.2024
Starting at:
0.20%
Benefit from decades of tax-free, compounded growth with a Roth IRA. When your investments earn interest, that amount gets added to your account balance, compounding your interest and dividends over time.
- Pay no monthly service charge
- Open with $100 minimum balance (Share) or $1,000 (Certificate)
- Contribute up to $7,000 per year if you’re under 50, $8,000 if over 50
APY is accurate as of 12.8.2024
Starting at:
0.20%
Education can come with a high price tag. Save for it by opening a tax-free Coverdell Education Savings Account (CESA) in the name of a child up to age 18.3 Unlike 529 plans, CESA funds can be used for elementary, secondary or higher education.
- Contribute up to $2,000 per year
- Enjoy tax-free growth and withdrawals
- Open an unlimited number of CESAs for a designated beneficiary
- Use funds for tuition, books, supplies, equipment, academic tutoring and special needs services
What’s Right for You?
Traditional IRA | Roth IRA | Coverdell Education Savings Account | |
---|---|---|---|
The right fit for you if… | You’re under 70 ½, want a tax-deductible way to save for retirement and anticipate being in the same or lower tax bracket when you begin taking withdrawals | You’ve reached an age where you want to accelerate your tax-free retirement savings and anticipate being in a higher tax bracket when you begin taking withdrawals | You want a tax-free way to save for education expenses, from grade school to college |
Deposit & Balance Requirements | $100 minimum balance (Share), $1,000 minimum balance (Certificate) | $100 minimum balance (Share), $1,000 minimum balance (Certificate) | $2,000 annual contribution limit, no limit on number of CESAs for a designated beneficiary |
Tax Benefits | Contributions grow tax-deferred; tax-deductible each year (subject to income limitations if you’re in an employer-sponsored plan) | Contributions grow tax-free; not tax-deductible in current tax year | Available only to single taxpayers with adjusted gross income (AGI) levels of $95,000 or below and married taxpayers with AGI of $190,000 or below |
Dividends/Interest | Accrues and compounds monthly, bonus rate on all certificates over $50,000* | Accrues and compounds monthly, bonus rate on all certificates over $50,000* | |
Withdrawals & Distributions | Penalty-free withdrawals taxed as current income after age 59½ | Penalty- and tax-free withdrawals after age 59½ from accounts open at least five years | Must be used before a student turns 30 or taxes, fees and penalties will apply |
Learn More about Traditional IRAs | Learn More about Roth IRAs | Learn More about Coverdell Education Savings Accounts |