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Traditional and Roth Flex Rate IRAs (Variable Rate)

Higher APY compared to our Fixed-Rate 1- and 2-Year IRAs

Call to Open a Flex Rate IRA 1-800-621-2105

Or call 1-800-621-2105

Flex Rate IRAs (Variable Rate) Dividend Rate  APY 
12 Month Term 5.50% 5.72%
24 Month Term 5.50% 5.72%

Flex Rate IRA Annual Percentage Yield (APY) effective as of July 8, 2024, and may change without notice. The dividend rate and APY are based on the current Prime Rate index as published in the Wall Street Journal minus a margin of 3.00%. The dividend rate and APY are variable and will adjust the next business day following a change in Prime Rate index. The minimum floor APY for the flex rate certificates is 0.00% and the maximum APY will never be greater than 17.00%. Minimum deposit of $1,000 to open certificate. Primary members under the age of 18 must have a $500 minimum deposit to open certificate. Minimum of $500 balance required to earn dividends. Health Savings account funds are not eligible. Fees may reduce earnings. Penalty for early withdrawal. Elements reserves the right to amend or discontinue offers at any time and to limit the balance of a certificate at any time.

Traditional and Roth Flex Rate IRAs (Variable Rate)

Adjusts with Prime Rate minus a margin of 3.00%


  • Save for retirement at any age in a tax-advantaged way
  • Choose between tax-deductible contributions (Traditional Flex Rate IRA) or tax-free withdrawals (Roth Flex Rate IRA)
  • Contribute up to $7,000 per tax year, or possibly $8,000 if you are over age 50
  • Dividend rates that keep pace with a changing rate environment by flexing when the Prime Rate changes, up or down

Call to Open a Flex Rate IRA 1-800-621-2105


  • You are self-employed or don’t have access to an employer-sponsored plan like a 401(k)
  • You’ve maxed out your 401(k) contribution
  • Trade-off: Flex Rate IRAs can have lower contribution limits than 401(k)s

Compare to Other Savings Options

What is an IRA?

An older couple dancing in their home

An Individual Retirement Account (IRA) is an account that allows you to save for retirement with tax-free growth or on a tax-deferred basis. There are three main types of IRAs — Traditional, Roth, and Rollover — each with different advantages.

  • In a Traditional IRA, you make contributions with money you may be able to deduct on your tax return and any earnings can potentially grow tax-deferred until you withdraw them in retirement. Many retirees also find themselves in a lower tax bracket than they were in pre-retirement, so the tax-deferral means the money may be taxed at a lower rate.
  • With a Roth IRA, you make contributions with money you've already paid taxes on (after-tax) and your money may potentially grow tax-free, with tax-free withdrawals in retirement, provided that certain conditions are met.
  • A Rollover IRA is a Traditional IRA intended for money "rolled over" from a qualified retirement plan. Rollovers involve moving eligible assets from an employer-sponsored plan, such as a 401(k) or 403(b), into an IRA.

Whether you choose a Traditional or Roth IRA, the tax benefits allow your savings to potentially grow, or compound, more quickly than in a taxable account.

Call to Open a Flex Rate IRA 1-800-621-2105

What is a Flex Rate IRA (Variable Rate)?

A Flex Rate IRA functions like a Flex Rate Certificate. As the Prime Rate changes, the Flex Rate IRA dividend will adjust.

What is the difference between a Traditional IRA and a Roth IRA?

Elements Financial offers both Traditional and Roth IRAs to our members. Depending on your situation, one account type or the other may be right for you. There are different rules and benefits for each type of IRA. With a Traditional IRA, you contribute pre- or after-tax money, growth is tax-deferred, and you are taxed for withdrawals as current income after you are age 59½. With a Roth IRA, you contribute after-tax dollars, so your money grows tax-free. You can also generally withdraw money without paying tax or penalty after age 59½.

In other words, some of the key differences are:

Traditional IRAs

  • Savings are taxed as income in retirement (tax-deferred earnings)
  • Contributions may be tax deductible
  • No income limits for contributions

 Roth IRAs

  • Contributions are not tax deductible
  • Receive tax-free income in retirement, as the contributions were taxed when put into savings
  • There are limits on your contributions
  • Withdrawals are considered qualified as long as the account has been open for at least five years, and you are either over age 59 1/2, disabled, or buying your first home (other restrictions may apply)

Call to Open a Flex Rate IRA 1-800-621-2105 Compare to Other Savings Options

How much can I contribute to an IRA?

A woman on the phone looking at receipts

You can contribute up to $7,000 per tax year to an IRA, or possibly $8,000 if you are over age 50. If your spouse is employed, he/she can also open an IRA and contribute up to $7,000 (or possibly $8,000 if over age 50) of earned income for the year. Or, you can open a spousal IRA on his/her behalf with the total contribution of $14,000 for the year, as long as a contribution to either of the accounts is no more than $7,000. For 50 and older, the contribution for both could total $16,000 for the year.

Keep in mind with the Flex Rate IRA that as the Prime Rate changes, the Flex Rate IRA dividend rate will adjust.

Why should I choose Elements for an IRA?

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Like a Bank, Only Better!

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates, and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves on being a trusted source for financial education. Your financial wellness expert will come to your workplace to answer questions and provide you with one-on-one assistance as you navigate the changes that come with each of life's stages.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally1. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Call to Open a Flex Rate IRA 1-800-621-2105

How do I open a Flex Rate IRA (Variable Rate)?

A screenshot of our online application.

Call 1-800-621-2105 to start your Traditional or Roth Flex Rate IRA application. An Elements representative will help you determine the best option to fit your financial goals and will reach out within 2 business days to let you know if you’ve been approved.

IRAs cannot be opened online.

Call to Open a Flex Rate IRA 1-800-621-2105

Read more frequently asked questions about IRAs…

Can I roll over my Health Savings Account (HSA) into an IRA?

No. HSA funds can only be rolled over into another HSA account, not an IRA.

What happens to my Traditional IRA if I die?

Your beneficiaries will be notified, and funds will be distributed accordingly.

  1. 1 Based on asset size as of 12/31/2022.