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Great options to save for the future

Open an Account Rates


Ensure Your Future by
Planning Ahead

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

  • IRA Share Certificates – Combine the tax advantages of an IRA with the security of a share 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.

Retirement Central

couple opening IRA

Open an IRA

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


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.

Open a Traditional IRA

Roth IRA

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

  • Qualified distributions from your Roth IRA are
  • 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

Open a Roth IRA


WealthBuilder IRA 

Our WealthBuilder IRA Share Certificate combines competitive returns with the security of a guaranteed investment and is available as a Roth IRA or Traditional IRA – whichever suits your needs better. 

  • Fixed rate, two-year deposit account
  • Earn a guaranteed return
  • Open with an initial investment of $1,000
  • Add monthly contributions as low as $50


Funding your IRA

Whether you opt for a Traditional or a Roth, you can contribute to your IRA in several ways:

  • Normal contributions 
  • Catch-up contributions of an additional $1,000 if you are age 50 or older
  • Transferring an existing IRA to BFSFCU
  • Direct rollover from a retirement plan (once every 12 months)
  • Indirect rollovers - distributions from a retirement plan can be redeposited to your IRA within 60 days
  • Spousal contributions

In addition, you may be able to take the funds from a Traditional IRA and invest them in a Roth IRA or re-characterize contributions by reapplying funds from a Traditional IRA to a Roth or vice versa.

In 2023, you can contribute up to $6,500 to your Roth or Traditional IRA. If you are age 50 or older, you can make an additional $1,000, catch-up contribution, for a total of $7,500.

The deadline to make to make 2022 tax-year contributions to your IRA is April 15, 2023. The contribution limit for 2022 is up to $6,000 if you are under the age of 50 or up to $6,500.00 if you are age 50 and up.

Your Savings are Safe

Your savings are insured by the NCUA (National Credit Union Administration), an agency of the federal government, and the administrator of the NCUSIF (National Credit Union Share Insurance Fund). Your savings are protected up to at least $250,000 per individual depositor, or it could be more based on account ownership and structure. Visit our NCUA Share Insurance page to learn more.

NCUA Insured up to $250,000 – individual $250,000. 
NCUA Insured up to $500,000 – individual $250,000, joint owner $250,000
NCUA Insured up to $750,000 – individual $250,000, joint owner $250,000, IRA account $250,000 
NCUA Insured up to $1,000,000 – individual $250,000, joint owner $250,000, IRA account $250,000, trust account $250,000 (1 qualifying beneficiary) 
NCUA Insured up to $2,000,000 - individual $250,000, joint owner $250,000, IRA account $250,000, trust account $1,250,000 (5 qualifying beneficiaries)

APY = Annual Percentage Rate.

IRA Fixed account offering rates are subject to change daily and are fixed for the term of the account.

At age 72, you are required to take the minimum distribution.

1 You may withdraw funds from your Traditional IRA account at any time, but you will incur a 10% early withdrawal penalty from the IRS if you have not yet reached age 59 ½ (some exceptions may apply). This penalty is separate from the penalty charged by BFSFCU for early withdrawals; please refer to the Truth-in-Savings disclosure.

2 There are limitations based on the modified Adjusted Gross Income (AGI) of you and your spouse.