Our Plano branch will remain temporarily closed due to water damage. We apologize for any inconvenience this may cause, and invite you to visit one of our other branch locations. In line with the CDC guidance, all employees and members visiting a branch location will still be required to wear a mask, until further notice.
An IRA is an Individual Retirement Account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. There are three main types of IRAs: Traditional, Roth, and Education, each with different advantages.
Types of IRAs at CUTX
If you're looking for a safe, non-investment place for your IRA funds, look no further than the IRA Accumulator at CUTX. Available for Traditional, Roth, and Education IRAs, the IRA Accumulator acts like a simple savings account for your IRA funds. Stop by your nearest CUTX location and open yours today with as little as $50.
Want to give your IRA funds a little extra earnings boost? Consider an IRA Certificate of Deposit. Start your Education IRA CD with as little as $500, or start a Traditional or Roth IRA CD with as little as $1,000. Choose your term, from 6 months to 5 years. Available for Traditional, Roth, and Education IRAs. Stop by a CUTX branch today to open yours.
IRA contributions require some forms to be filled out, so please stop by the nearest CUTX location to make a contribution.
How do I take a distribution from my IRA?
Like contributions, IRA distributions also require forms to be completed. Please stop by the nearest CUTX location to take a distribution.
How many times a year am I required to take a required minimum distribution from my IRA?
Once a member reaches the age of 72, the Internal Revenue Service requires a minimum distribution of at least once per year.
What happens to my IRA if I die?
Funds from an IRA are passed to the beneficiary upon the passing of the IRA holder. Be sure to keep your beneficiaries up to date! IRA funds are separate from your membership account and require a separate beneficiary form.
Many people think of money as linear—it comes in, it goes out. It's associated with immediate need or gratification. Sometimes you save a little. In fact, money is multi-dimensional. It can do more than one task at a time—like create future savings...
One of the most common reasons you save money is to achieve goals — some you'd like to accomplish in the short term, like in the next year or two, or maybe even five. Some you'd like to accomplish in the long term, in the next ten years or even longer
Savings vs Investments Balancing Return With Liquidity
If you're reading this, you likely have money left over after expenses, and you're wondering what to do with it. Maybe you just got a well-deserved raise, have encountered a windfall, or your efforts to stick to a budget have paid off.
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*A minimum deposit of $50.00 is required to open an IRA Accumulator account. Rates change monthly and interest is paid monthly.
**With a $1,000 investment, Roth and Traditional term IRAs are available for terms from 6 to 60 months. For a $500 investment, members may purchase an Educational term IRA. The interest rate on an IRA Certificate of Deposit is fixed. A penalty may be imposed for early withdrawals.