MECU IRA Accounts
Plan for your financial future
Open An IRA
You can plan for retirement and secure your future with the help of a MECU IRA account. Opening an IRA at MECU of Baltimore can help you save money on taxes* and establish or maintain your IRA without a fee. MECU offers both Traditional IRAs and Roth IRAs so you can save your way.
*Consult a tax advisor for details.
Which type of IRA is right for you?
| IRA Type |
Withdrawals |
Distributions |
Contributions
(For Year: 2015) |
Tax Considerations |
| Traditional IRA or IRA CD |
10% penalty on withdrawals made before the age of 59-1/2. Certain exceptions may apply. Consult a tax advisor for details. |
Required, beginning at age 70-1/2 |
Up to $5,500/yr until age 50; up to $6,500/yr after age 50 |
May be tax deductible; check with your financial advisor |
| Roth IRA |
Tax free, under certain circumstances |
None required |
Up to $5,500/yr until age 50; up to $6,500/yr after age 50 |
Contributions aren’t tax deductible, but withdrawals are tax-free under certain circumstances |
IRA Savings Account Rates
| Account Type |
Interest Rate |
Annual Percentage Yield (APY) |
Minimum Initial Deposit |
| Traditional IRAs * |
0.20% |
0.20% |
$25 |
| Roth IRAs * |
0.20% |
0.20% |
$25 |
Rates as of:
* Early withdrawal penalties may reduce the earnings on the account. The rate may change after the account is opened.
† Minimum balance in order to earn interest.
Start saving
You can start saving for your future today when you open an IRA with MECU. Learn more about retirement or open a Traditional or Roth IRA at MECU’s Retirement Central® site.
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