IRAs - Traditional IRAs - Roth IRAs - Fort Knox Federal Credit Union

IRA header

Traditional, Roth, Coverdell ESA

Which IRA (Individual Retirement Account) is right for you? Fort Knox Federal offers all three so you can compare.

IRA Comparison Chart

Feature Traditional IRA Roth IRA Coverdell ESA (Educational IRA)
Tax Deductibility of Contributions Tax deferred up to 100% depending on Annual Gross Income and participation in an employer-sponsored retirement plan Taxes are paid up-front Not tax deductible
Earnings Grows tax-deferred until withdrawn Grows tax-free Grows tax-free
Taxes Upon Withdrawal Withdrawals are taxed as income None, unless taxed for early withdrawals Withdrawals are taxed if they are not used for education expenses
Withdrawal Restrictions Most withdrawals before age 59½ results in IRS penalties Most withdrawals before age 59½ result in IRS penalties Must withdraw before beneficiary turns 30
Age at Which Withdrawals Must Begin 70½ None None

Consolidate your IRAs at Fort Knox Federal Credit Union

Moving funds from another qualifying plan to a Fort Knox Federal Credit Union IRA is simple. Consult your tax advisor to help decide which is best for you.

Transfer from one trustee to another- A transfer of funds from one trustee to another. Because there is no distribution to you, the transfer is tax free. Because it is not a rollover, it is not affected by the 1-year waiting period required between rollovers.

Rollovers- Generally, a rollover is a tax-free distribution to you from one retirement plan that you can contribute to another retirement plan. The contribution to the second retirement plan is called a "rollover contribution."

To open an IRA, stop by or call any convenient branch location.
For more information visit the IRA Online Resource Guide

59-month Rate Riser Certificate specifically for your IRA

As a result of changes created under the Tax Cuts and Jobs Act, signed into law in December 2017, we have amended all Traditional and Roth IRAs. Please review the amendments below as they relate to traditional and roth IRAs.
  • Traditional Amendment
  • Roth Amendment

Product Minimum Balance Required to Earn Dividends APY 1 Compounded/Credited
(Traditional, Roth, Coverdell)
$100.00 to $10,000.00 0.10% Quarterly/Quarterly
  $10,000.01 to $50,000.00 0.15% Quarterly/Quarterly
  $50,000.01 to $100,000.00 0.20% Quarterly/Quarterly
  $100,000.01 and up 0.25% Quarterly/Quarterly

1 APY-Annual Percentage Yield. These are the rates currently in effect. Rates will be updated as they change. Rates may be changed or discontinued at any time. Fees may reduce earnings. Dividends paid and compounded quarterly on IRAs. If account is closed before accrued dividends are credited, those dividends will be forfeited. Just like other savings at your Credit Union, your deposit is federally insured up to $250,000 (IRA is insured separately for $250,000). Please contact your local branch or call for more information.
image spacer