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Open An IRA

MECU IRA Accounts

Plan for your financial future

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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