Roth IRA Accounts may offer greater tax savings and withdrawal flexibility than a Traditional IRA.
Open a new IRA plan with a minimum $2,500 balance (or contribute a minimum $2,500 to your existing IRA using non-Star One funds) by April 15, 2020 and get a $100 bonus.*
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While Roth IRA contributions are not tax-deductible, contributions and earnings can be withdrawn tax-free on qualified distributions.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.
The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019 and many of of its provisions took effect on January 1, 2020.
Learn more about the provisions of the SECURE Act 2020.
|Qualifications:||Must have earned income. There are no age restrictions.|
|Maximum Contributions:||2020: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year)
2019: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year)
|2019 Contribution Deadline:||April 15, 2020|
|Tax Status of Earnings:||Earnings grow tax-deferred. Tax-free on qualified withdrawals.|
Yes, 2020 contributions phase out between $124,000 - $139,000 for singles and $196,000 - $206,000 for married couples filing jointly. Married filing separate phase-out: $0 - $10,000
Yes, 2019 contributions phase out between $122,000 - $137,000 for singles and $193,000 - $203,000 for married couples. Married filing separate phase-out: $0 - $10,000
|IRS Penalties for Early Withdrawal:||None if:
|Required Distributions:||Only after death of the participant|
|Contribution Age Limit:||None|
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.
* IRA bonus offer applies to new traditional and Roth IRA plans, transfer or rollover from employer plans or outside IRAs. Transfers from existing Star One IRAs do not qualify. The minimum of $2500 qualifying assets is the total amount of your deposits and transfers minus any withdrawals. Funding must occur within 90 days of IRA opening. Offer not valid for ESAs. Limit one bonus per member per 12-month period. Bonus will be deposited into your new Star One IRA. Minimum qualifying balance must remain in the IRA for at least 180 days or the length of the certificate term, whichever is longer; otherwise, we may charge back the amount of the bonus awarded to the account. Bonus will not be reported to the IRS as an IRA contribution and any taxes related to the bonus are your responsibility. Other terms and conditions or eligibility criteria may apply. Promo Code IRA BONUS.
IRA / ESA Savings
APY (1.64% rate)
6-Month IRA / ESA
APY (1.24% rate)
1-Year IRA / ESA
APY (1.29% rate)
2-Year IRA / ESA
APY (1.34% rate)
Additional Roth IRA Information and Help