High-Yield Savings Accounts

IRA Savings Account

An IRA Savings Account at HRCCU gives you a simple, tax-advantaged way to build retirement funds with flexibility and peace of mind. Enjoy no annual fees, easy contributions, and insured deposits backed by your trusted local credit union.

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What is an IRA Savings Account?

An IRA Savings Account is a retirement account that lets you save consistently while keeping funds accessible for transfers to IRA Certificates or future investments. You choose Roth or Traditional Savings Account based on your goals. HRCCU makes it easy to contribute, track your balance, and grow your nest egg with secure, federally insured deposits and local guidance.

Tax-Advantaged Retirement Savings

Tiered Interest for Higher Balances

Deposits are federally insured by the NCUA up to $250,000

man on phone and laptop opening bank account

How to Start Saving for Retirement

Pick the IRA type that fits your tax strategy, set a monthly contribution you can stick to, and let consistent saving do the work. You can automate transfers from your HRCCU checking or savings to stay on track.

Choose Roth or Traditional IRA
Gather ID, income, and beneficiary details
Call or visit a branch
Fund with a deposit, transfer, or rollover
Turn on recurring contributions and monitor in online or mobile banking

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Average Monthly Balance	Interest Rate	APY
$0.01-999.99	0.00%	0.00%	Call or Visit Today
$1,000.00-9,999.99	1.00%	1.00%	Call or Visit Today
$10,000-24,999.99	1.24%	1.25%	Call or Visit Today
$25,000 and up	1.49%	1.50%	Call or Visit Today

Rate and APY are variable and are subject to change after the account is opened. APY is accurate as of today’s date. Minimum to open a regular account is $1.00. Fees may reduce earnings. APY=Annual Percentage Yield

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Ready to Get Started? Apply Online or Visit a Branch to Open Your Account Today!

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Frequently Asked Questions

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A Roth IRA is funded with after-tax dollars, and qualified withdrawals in retirement are tax-free, which is useful if you expect to be in a higher tax bracket later. A Traditional IRA may allow you to deduct contributions now, lowering your taxable income today, but withdrawals in retirement are taxed. Traditional IRAs also require minimum distributions at age 73, while Roth IRAs do not. With HRCCU, you can use an IRA Savings for ongoing contributions and later transfer funds into IRA Certificates to lock in rates and terms.

Anyone with earned income can open an IRA, though IRS rules set income limits for Roth contributions and deductibility rules for Traditional contributions. Age is not a barrier, and spousal IRAs allow a working spouse to contribute on behalf of a non-working spouse. HRCCU representatives can walk you through eligibility, help you pick between Roth and Traditional, and assist with rollovers from other retirement accounts.

For 2025, you can contribute up to $7,000 annually across your IRAs, or $8,000 if you’re 50 or older. Contributions must come from earned income, and Roth IRA contributions are phased out at higher incomes. HRCCU can help you set up automated deposits so you stay consistent and maximize your retirement savings potential.

Yes. Once your IRA Savings Account is open, you can transfer funds into IRA Certificates. These certificates work just like regular share certificates — offering fixed rates and terms — but because they’re held within your IRA, they keep the same tax advantages and follow IRS retirement rules. Many members use this strategy to make ongoing contributions in their IRA Savings and then move larger balances into IRA Certificates to lock in higher yields while still keeping their retirement funds secure and tax-advantaged.

Roth IRA contributions can be withdrawn at any time, but Roth earnings and Traditional IRA funds may be taxed and penalized if withdrawn before age 59½, unless an IRS exception applies. Common exceptions include first-time home purchases or certain education expenses. HRCCU recommends reviewing your options with a financial advisor before making early withdrawals to avoid unexpected taxes or penalties.

All IRA Savings deposits at HRCCU are federally insured by the NCUA up to $250,000. You also benefit from secure digital banking access, fraud monitoring, and the support of a local team. That means your money is not only working toward retirement but is also protected with layers of security and trusted service.