Individual Retirement Accounts

It’s never too soon to start saving for the future, so an Individual Retirement Account (IRA) from Interior Federal is always a smart choice. Our IRA Center provides convenient online options to open an IRA account and manage your personal retirement account with ease, all from the comfort and privacy of your home. You can connect with our IRA Specialists, explore educational articles on IRAs and retirement planning, access planning tools, risk analyzers, and discover various investment options available to you.

Open your retirement account today and take the first step toward financial security!

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IRA Rates

  • .25%
  • APY

  • .25%

    Dividend Rate

  • No minimum deposit

    Balances

You can also open an IRA account online for either type of IRA through Interior Federal. If you are saving specifically for health expenses, consider a Health Savings Account for tailored benefits.

IRA Types Comparison

We offer two types of IRAs: Traditional IRA and Roth IRA.

Here are the key differences to help you make an informed decision:

Traditional IRA

Contributions are tax-deductible

Earnings grow tax-deferred

Withdrawals are taxed

Contribute as long as you have earned income

Mandatory age distribution at age 72

Roth IRA

Contributions are not tax-deductible

Earnings grow tax-free

Qualified withdrawals are tax-free

Contribute as long as you have earned income

No mandatory distribution

Before choosing between a Traditional IRA and a Roth IRA, consult with your tax advisor. Our free Retirement Planning Resources are designed to help you evaluate your options and select the best fit for your personal situation.

Benefits of Opening an IRA Certificate

Once you decide to open a retirement account, you can also choose to invest in an IRA Certificate. Here are some benefits of investing in an IRA Certificate:

  • Various Terms: Choose from flexible terms ranging from 6 to 60 months, allowing you to align your investments with your financial goals.
  • Minimum Deposit: You can open an IRA account with as little as $500 for a regular IRA Certificate or with $100,000 for a Jumbo certificate.
  • Higher Returns: IRA Certificates generally earn more than IRA Savings, maximizing your investment potential.
  • Guaranteed Savings: With our IRA Certificates, you can enjoy peace of mind knowing your returns are guaranteed, unlike other potentially risky investments.
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Rollover IRA

A Rollover IRA allows you to move money between like IRAs without facing immediate tax implications. Here’s what you need to know:

  • Eligible Assets: The IRA assets you plan to roll over are paid directly to you, which you then forward to the credit union to complete the transaction.
  • Rollover Rules: You can only roll over IRA assets once every 12 months. A year must pass after taking a distribution before you can roll over another distribution from any of your IRAs.
  • Unlimited Transfers from Employer Plans: There is no limit to the number of rollovers you may perform from eligible employer-sponsored retirement plans to a Traditional IRA.
  • Distribution Restrictions: Required minimum distributions cannot be rolled over.
  • Completion Timeline: A rollover generally must be completed within 60 days from the date you receive the assets. Note that a rollover contribution of Roth IRA assets cannot be made to a Traditional IRA.

Transfer IRA

If you wish to move assets between two like IRAs (e.g., Traditional IRA to Traditional IRA), the simplest method is through a transfer. Here’s what to remember:

  • Unlimited Transfers: You may perform an unlimited number of transfers without facing penalties or tax implications.
  • Initiating Transfers: Transfers must be initiated by the credit union or your other financial institution, ensuring you never actually receive the money directly. You may need to provide a copy of your statement to initiate the transfer.

You can also open an IRA Certificate for either type of IRA through Interior Federal.

If you are saving specifically for education or health expenses, we recommend considering a Coverdell Education Savings Account or a Health Savings Account.

*APY = Annual Percentage Yield. More details are available in our Schedule of Fees and Charges, Truth-In-Savings Disclosure and Membership Disclosure.