Individual Retirement Arrangement (IRA)

They start as a daydream. But your retirement ideas should quickly turn into an action plan. Ready to start building toward a better tomorrow? At Summit Credit Union, we offer multiple ways to grow your money, and all the help you need to get things headed the right direction.

• Contribute up to $6,500 a year ($7,500 if over age 50)*.
• Traditional and Roth IRAs are available.
• With Traditional IRAs, you may be able to take a tax deduction every year you make a contribution.
• With Roth IRAs, qualified withdrawals are tax- and penalty-free.
• With both Traditional and Roth IRAs, your annual interest and dividend interest grows tax-free.

Want to know more? Members can open an IRA at any branch. To schedule an appointment, call or text our Member Service Call Center at 336-662-6200.

Saving Options

There's no one-size-fits-all way to build your retirement savings. At Summit Credit Union, we offer Individual Retirement Arrangements that let you combine several types of accounts.

IRA Accumulator 

• No minimum balance required on the account.
• Deposit funds as you would with a regular savings account.
• Dividends are paid quarterly.
• If the balance is below $500, there is a $5 per quarter maintenance fee.

IRA Certificate

• An IRA Certificate works just like an ordinary Certificate of Deposit, while also providing tax benefits.
• An IRA Certificate offers a set rate of interest for a particular period of time. Certificates have an established minimum investment amount and a predetermined maturity period.
• Deposit a minimum of $500 for a Regular IRA Certificate and $10,000 for a Jumbo IRA Certificate.
• Dividends are paid Quarterly for the length of the term.