Individual Retirement Accounts (IRA)

It's a good way to give your golden years some extra glow.

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Take advantage of these features:

  • Build your retirement nest egg
  • Choose Traditional or Roth IRAs
  • Enjoy potential tax advantages

IRAs

as high as
2.10%APY
(variable, 24-month term)

Make your money add up to something special

All that free time. All those opportunities for travel, adventure or pure relaxation. It's easy to dream about what you want to do after leaving the working world. But while your imagination is working overtime, your money should be, too. With a NorthCountry IRA, you can enjoy decades of dividend earnings, plus potential tax advantages that stretch your retirement dollars even further. Consult your financial advisor for more details about IRAs. 

  • Contribute up to $6,500 per year (up to $7,000 after age 50)
  • Earn a competitive dividend
  • No annual fee
  • Choose Traditional or Roth IRAs
  • Monitor your progress with Online and Mobile Banking
     

Coverdell Educational Savings Accounts

Coverdell accounts are often called Education IRAs because they share many of the tax advantages of retirement accounts. But the funds are targeted for a different purpose - education costs.

  • Contribute up to $2,000 per student per year
  • Funds can be used for college costs or private elementary or secondary education
  • In addition to tuition, money can be used for room and board, fees, educational equipment and supplies (such as computers)
  • Any family member - parents, grandparents, aunts, uncles, etc. - can contribute to a student's ESA

You've got questions, we've got answers

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Visit your nearest branch or call us to complete an application today.

We offer Traditional and Roth IRAs, as well as Coverdell ESAs.

The NCUA insures funds up to $250,000 per individual. If you have questions, please contact us.

For 2023, the annual contribution limit is $6500, or $7500 if you are age 50 or older. With a Roth IRA your contributions may be limited based on your filing status and income. Consult your advisor with questions.

Roth IRA contributions are not deductible. Traditional IRA contributions have the potential to be deductible. For contributions to a Traditional IRA, the amount you can deduct may be limited if you or your spouse are covered by an employer-sponsored retirement plan and your income exceeds certain levels.

To process a withdrawal, stop by any of our branches or call us. If you have questions regarding potential IRS taxes or penalties that may apply to your distribution, consult your tax advisor.

Reach out to the current custodian of your IRA to determine if they have special procedures to follow. Here at the credit union, we can assist you with an IRA Application and/or a Transfer Instruction Request, either at a branch or online.

Anyone can contribute to the ESA up to the annual contribution limit. Only the responsible individual assigned when the account was opened can withdraw from or make changes to the ESA. Once the child reaches age 18, they may or may not gain control of the account. For further assistance, contact us.