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Roth IRA Accounts

Roth IRA Accounts may offer greater tax savings and withdrawal flexibility than a Traditional IRA.

Roth IRA Accounts may offer greater tax savings and withdrawal flexibility than a Traditional IRA. Both Contributory and Conversion plans are available.

While Roth IRA contributions are not tax-deductible, contributions and earnings can be withdrawn tax-free on qualified distributions.

Roth IRA Accounts have no mandatory annual distribution requirements and you can contribute beyond age 70½. Eligibility depends on income.

CARES Act, SECURE Act 2020 and your IRA

New legislation in 2020 brings flexibility in how you manage your Star One IRA:

  • the CARES Act (Coronavirus Aid, Relief and Economic Security Act)
  • the SECURE Act 2020 (Setting Every Community Up for Retirement Enhancement Act)

Contribution changes

  • Traditional IRA contributions can now be made after age 70½
  • Expanded definition of the eligible compensation for Graduate student IRA contributions
  • 2019 IRA contributions could be made as late as July 15, 2020

Distribution changes

  • Coronavirus-Related Distributions (CRDs) up to $100,000 are allowed—exempt from the 10-percent early-distribution penalty tax
  • Distributions may be taken for birth or adoption
  • Delayed age for Required Minimum Distributions (RMDs)
  • Individuals will not be required to take their 2020 required minimum distributions (RMDs)

Learn more about the CARES Act .

Learn more about the SECURE Act 2020.

Roth IRA Accounts

  • No IRA setup, administration or annual maintenance fees
  • Convenience of payroll allocations and automated deposits
  • Automatic IRA distributions available
  • 10-business-day grace period and automatic renewal on Certificate Accounts
  • Competitive IRA interest rates
  • Knowledgeable, qualified staff
  • Monthly statement

Roth IRA Account Summary

Roth IRA Investment Options

  • Savings Account - $100 minimum deposit or $25 with automated deposits
  • Certificate Accounts - $100 minimum deposit or $25 with automated deposits, 6-month, 1-year and 2-year terms

Traditional and Roth IRA Accounts are separately insured to $250,000 by the National Credit Union Administration, an agency of the United States Government. Coverdell Education Savings Accounts are insured under the same provisions as irrevocable trust accounts.

Roth IRA Interest Rates

IRA / ESA Savings

0.80

%

APY (0.80% rate)



6-Month IRA / ESA

0.85

%

APY (0.85% rate)



1-Year IRA / ESA

0.90

%

APY (0.90% rate)



2-Year IRA / ESA

0.95

%

APY (0.95% rate)

 

Open a Roth IRA

 

Service your Roth IRA

 

Additional Roth IRA Information and Help