Individual Retirement Accounts (IRA's)

  • No Setup Fee
  • No Annual Fee
  • No Miscellaneous Fees
  • Funds Federally Insured up to $250,000

An IRA is a type of an account most often used to save for retirement or education. Elevations Credit Union offers both Traditional and Roth IRAs. Both types of IRAs offer tax benefits. Which one is for you? View our comparison chart below to see the basic differences between these accounts.

To open an Individual Retirement Account (IRA):
Contact us: 303.443.4672, 800.429.7626  |  Stop by a branch

Features

  • IRA Savings account for quick access to your funds.
  • IRA Certificates with a rate that is fixed for a term.
  • A minimum opening amount of $100 on IRA Savings and Standard IRA Certificates makes it easy to start saving.
  • IRAs have contribution limits set by the Federal government.
  • IRA and Certificate Terms & Conditions (PDF)
  • IRA Rates

IRA Type Comparison

Account Type
Discount Rate
Withdraws
Account Type Traditional IRA:
Traditional retirement savings account. Can be used to rollover your 401(k) from a previous employer.
Contributions Contributions are tax deductible depending on your income, marital status, and whether you have a retirement plan at work.
Withdraws Taxes are deferred on earnings. Withdrawals can be made IRS penalty-free at age 59-1/2 and are taxed as ordinary income. Additional benefit comes from possibly being in a lower tax bracket at retirement age.
Account Type Roth IRA:
Mostly used for retirement savings, but can also be used for qualifying first home purchase, education and medical expenses.
Discount Rate Contributions are not tax deductible.
Withdraws The original contributions can be withdrawn at any time. Withdrawals of earnings are tax-free if the account has been open for at least 5 years plus one of the following:

Age 59-1/2, qualifying first home purchase, disability, or death.

You may also make IRS penalty free withdrawals for other qualifying expenses.
 

Contributions to Traditional and Roth IRA's

You can contribute to a Traditional or Roth IRA if you have earned income or if you file your taxes jointly with a spouse who has earned income. In addition, you must be younger than age 70 ½ to contribute to a Traditional IRA. Contributions have an annual limit and may not exceed your yearly earned income.

Contribution Limits

For a full list of annual contribution limits for all types of IRAs, please visit the IRS Government Website for the most up-to-date information.

Rollover and Direct Transfer Contributions

  • No limit to dollar amount of transfers
  • No fee to accept transfers into an Elevations IRA


Roll Over your IRA or 401(k)

Elevations Credit Union Makes Rollovers Easy

3 Easy Steps to Transfer your IRA from another Financial Institution

  1. Open an IRA at Elevations Credit Union of the same type (Traditional or Roth) as the IRA you want to directly transfer, and specify that you are moving funds from another IRA.
  2. Elevations will initiate the request for funds from the financial institution which holds your existing IRA. The disbursement check will be made payable to Elevations Credit Union for the benefit of [your name].
  3. Check with the originating financial institution to see if there are any additional forms required to close your existing IRA.

3 Easy Steps to Rollover your 401(k)

If you have a 401(k) from a previous employer or are retiring, there is generally a deadline to rollover the funds in order to keep its tax-deferred status. Use the following steps to do a direct rollover:

  1. Open a Traditional IRA at Elevations Credit Union, and specify that the account will receive direct rollover funds from your 401(k).
  2. Elevations will initiate the request for funds from your 401(k) plan administrator. The direct rollover check will be made payable to Elevations Credit Union for the benefit of [your name].
  3. Check with your 401(k) plan administrator to see if there are any additional forms required.

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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency