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Individual Retirement Accounts

At ēCO Credit Union, we want to help you achieve your financial dreams. Individual Retirement Accounts (IRAs) can help you save on taxes now and enjoy retirement later. ēCO offers Traditional and Roth IRAs.

Traditional IRA

Most members can make tax-deferred annual contributions and pay taxes only when funds are withdrawn (without penalty after age 59 ½ or if disabled). Workers 50 and over may contribute an additional amount per year, allowing them to “catchup” on retirement savings.

Roth IRA

Although contributions are not tax-deductible, your funds can grow tax-free. And, there are no taxes when funds are withdrawn if it has been open for at least five years, you are over 59 1/2, or if you are buying your first home.

The details:

  • Minimum Balance:
    • Traditional IRA- $1,000
    • Roth IRA- No Minimum Balance
  • Dividends are paid on a quarterly basis and are calculated by the average daily balance method.
  • Member must be employed to contribute to an IRA.
  • Penalties are charged for early or unqualified withdrawals.

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