IRAs
Save for the retirement lifestyle you envision for yourself or the educational opportunities you want for your children.
Choose from various investment options aligned with your goals
Each chapter of life is full of possibilities. With Individual Retirement Accounts (IRA) and Education Savings Accounts (ESA) from Azura, you can create a structured savings plan to support you, and your loved ones, along the way.
- Build long-term financial security
- Save for various types of education expenses
- Earn steady dividends
- Benefit from a range of tax breaks
Consult with your financial advisor for full details on these accounts.
Traditional IRA
A Traditional IRA can provide immediate benefits with potential tax deductions every year you contribute. Steadily and securely build savings now for where life takes you next.
- Contribute up to $7,000 a year (Up to $8,000 if you are over age 50)1
- All annual dividends and interest income are tax-deferred
- Begin making penalty-free withdrawals at age 59 ½
- Withdraw funds early and penalty free for certain situations, including: buying your first home, disability, and medical or educational expenses2
- Begin making withdrawals by age 73 with funds taxed as regular income
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax1
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
Roth IRA
A Roth IRA holds the potential for the highest tax benefit at time of retirement. With less tax, you have more to spend on the experiences and expenses of your choice.
- Contribute up to $7,000 a year (Up to $8,000 if you are over age 50)1
- Annual interest and dividend earnings are tax-deferred
- All withdrawals after age 59 ½ are tax-free
- Access contributions and earnings before age 59 ½ under special circumstances, including buying a first home or becoming disabled2
- No minimum withdrawal requirement at age 73, as there is for Traditional IRAs
- Income limits to be eligible to open Roth IRA3
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal1
- Principal contributions can be withdrawn without penalty1
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty2
- No age limit on making contributions as long as you have earned income
Coverdell Education Savings Account
A Coverdell ESA or Educational IRA can make the costs of academia more affordable due to tax advantages. ESAs allow you to set aside funds for tuition and other expenses at all levels of schooling. These accounts can be effective complements to other education savings accounts, such as 529 Plans.
- No setup or annual fee
- Dividends grow tax-free
- Withdrawals are tax-free and penalty-free when used for qualified education expenses1
- Funds can be used to cover tuition, room and board, fees and equipment
- Designated beneficiary must be under 18 when contributions are made
- To contribute to an ESA, certain income limits apply2
- Contributions are not tax deductible $2,000 maximum annual contribution per child
- The money must be withdrawn by the time they turn 30
- The ESA may be transferred without penalty to another member of the family
1Azura Credit Union is not a tax advisor and does not provide tax advice. Consult a licensed tax professional to determine how your personal tax situation affects your ability to contribute to a Traditional, Roth, or Coverdell ESA.
2Distributions may be subject to IRS early-withdrawal penalties. Withdrawals from IRA certificates may be subject to Azura Credit Union early-withdrawal penalties. Penalties may reduce principal.
3Subject to some minimal conditions. Consult a tax advisor.
IRA
Effective date:
| Type | Rate | APYT |
|---|---|---|
| Share Account | 1.00% | 1.01% |
Balances over $100 earn dividends
TAPY = Annual Percentage Yield.
IRA Certificate Rates
Effective date:
| Term | Rate | APYT |
|---|---|---|
| 6 month | 2.00% | 2.02% |
| 12 month | 2.50% | 2.53% |
| 14 month Special** | 3.97% | 4.04% |
| 24 month | 3.00% | 3.04% |
| 30 month Bump Rate* | 3.50% | 3.56% |
| 36 month | 3.45% | 3.45% |
| 48 month | 3.50% | 3.56% |
| 60 month | 3.60% | 3.66% |
$500 minimum to open Share Certificate. Rates subject to change without notice.
TAPY = Annual Percentage Yield
*The Bump Rate Option allows a member to choose to “bump” their rate one time for the 30 month Share Certificate, if the current rate being offered is higher. Contact Azura Credit Union to activate the bump rate. Each 30 month term has one bump available. The 30 month Bump Rate Share Certificate will automatically renew as another 30 month Bump Rate Share Certificate, unless changes are made during the grace period. Early withdrawal penalty will reduce earnings on the account. Limited time offer. Rates subject to change without notice.
**The 14 Month Special will automatically renew at a standard 12 month term upon maturity. Early withdrawal penalty will reduce earnings on the account. Limited time offer. Rates subject to change without notice.