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IRAs

Great options to save for your retirement

Open Your IRA IRA Rates

 

Ensure Your Future by
Planning Ahead

BankFund wants to help you build your retirement safely and securely. That is why we offer both Traditional and Roth Individual Retirement Accounts (IRA), Certificates, and Savings Accounts.

  • IRA Certificates – Combine the tax advantages of an IRA with the security of a certificate.
  • IRA Savings Accounts – No minimum balance requirement. 

Who can open an IRA?

Members who file U.S. income tax returns and have earned income may contribute to an IRA. IRAs are insured by the NCUA for up to $250,000. IRA contributions may be tax-deductible depending upon:

  • Participation in an employer-maintained retirement plan
  • Adjusted Gross Income (AGI)

Please consult your tax advisor for information on whether your IRA qualifies for a tax benefit.




couple opening IRA

Open an IRA

Opening an IRA has never been easier! Visit our IRA service center and open an IRA today.

Open an IRA

Traditional IRA

Tax-deferred growth means you may be able to get immediate tax benefits while planning for
your future.

  • Retirement savings grow tax-deferred
  • Contributions may be tax deductible (please consult your tax advisor).
  • You are eligible to open and contribute to a Traditional IRA if you or your spouse received taxable compensation during the tax year.

Roth IRA

Tax-free1 growth means tax-free
withdrawals in retirement. 

  • Qualified distributions from your Roth IRA are
    tax-free2
  • You are eligible to open and contribute to a Roth IRA if you received taxable compensation during the tax year
  • There is no age limit to opening a Roth IRA

Visit Retirement Central and Open an IRA Today!

Funding your IRA

Whether you choose a Traditional or Roth IRA, there are several ways to contribute:

  • Normal Contributions: Regular contributions up to the annual limit.
  • Catch-Up Contributions: If you are age 50 or older, you can contribute an additional $1,000.
  • IRA Transfers: Move an existing IRA to BankFund.
  • Direct Rollovers: Transfer funds directly from a retirement plan (allowed once every 12 months).
  • Indirect Rollovers: Redeposit distributions from a retirement plan into your IRA within 60 days.
  • Spousal Contributions: Contributions made on behalf of a non-working spouse.

Additionally, you may be able to convert funds from a Traditional IRA to a Roth IRA or re-characterize contributions between the two.

Contribution Limits 2025:

    • Under 50 – You can contribute a maximum of $7,000 to a Traditional or Roth IRA (or a combination of both).
    • 50 and Older – You may contribute a maximum of $7,000, plus an additional $1,000 “catch-up” contribution, for a total of $8,000.