Individual Retirement Accounts (IRAs)
It's never too soon to begin saving for retirement. In fact, it’s never too late either. MoCoECU offers several types of competitive rate retirement accounts including Traditional and Roth IRAs.

Traditional IRA:

Set up direct deposits to your IRA to get in the habit of saving.

• A minimum opening balance of $100 is required.
• Contributions may be tax deductible*.
• Contributions can be made at any time before age 70 ½, up to $3,000 annually per individual account, $6,000 per married couple filing jointly (as long as there is earned income).
• An additional $500 "catch up" contribution is allowed annually for those 50 and over.
• Penalty-free distribution can begin at age 59 ½ and are mandatory after age 70 ½.
• Please consult your tax advisor regarding the specific rules and regulations surrounding the Traditional IRA.
• IRA Share certificates are also available.

• A minimum opening balance of $100 is required.
• Contributions are not tax deductible, but earnings grow tax-free.
• Contributions can be made at any time, up to $3,000 annually per individual account, $6,000 per married couple filing jointly, as long as income is earned.
• No age limit.
• An additional $500 "catch-up" contribution is allowed annually for those who are age 50 and over.
• Penalty-free, tax-free withdrawal of your regular contributions can be made at any time; special rules apply to withdrawal of rollover contributions.
• Penalty-free, tax-free distributions of earnings can begin at age 59 ½ if you have the IRA for at least five years, but are not mandatory at any age.
• Penalty-free, tax-free distributions of earnings can also be taken for a qualified first-time home purchase up to $10,000, if the account has been held for five years.
• Please consult your tax advisor regarding the specific rules and regulations surrounding the Roth IRA.
• IRA Share certificates are also available.

Visit our Share Account Rates page for current rates.