Skip to main content

Traditional and Roth IRAs

Plan for retirement the safe and secure way.

Open an IRA

Or call 1-800-621-2105

IRAs Dividend Rate  APY 
6 Month Term 0.98% 1.00%
8 Month Term* // SPECIAL 2.10% 2.15%
1 Year Term 1.37% 1.40%
14 Month Term* // SPECIAL 2.34% 2.40%
18 Month Term 1.47% 1.50%
2 Year Term 1.62% 1.65%
3 Year Term 1.81% 1.85%
4 Year Term 1.95% 2.00%
5 Year Term 1.95% 2.00%

IRA Annual Percentage Yield (APY) effective as of August 26, 2019,  and may change without notice. Fees may reduce earnings. *Limited Time Special — Limited time offer may be withdrawn at any time. Unless redeemed, upon maturity 14-month IRA will automatically renew into the traditional 12-month IRA at the then current APY, and the 8-month IRA will automatically renew into the traditional 6-month IRA at the then current APY.

Traditional and Roth IRAs

KEY BENEFITS

  • Save for retirement at any age
  • Choose between tax-deductible contributions or tax-exempt withdrawals

IRA DETAILS

  • Contribute up to $6,000 per tax year, or possibly $7,000 if you are over age 50
  • If your spouse is employed, he/she can open an IRA and contribute up to $6,000 (or possibly $7,000 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 $12,000 for the year, as long as a contribution to either of the accounts is no more than $6,000. For 50 and older the contribution for both could total $14,000 for the year.

Questions?

Our experienced, helpful member service team is ready to support you!

1-800-621-2105

Live Chat

Chat Available Mon-Fri, 9 am-5 pm Eastern

Traditional IRA vs. Roth IRA

 

Traditional IRA

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

 

Roth IRA

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

Frequently Asked Questions

 

Q: Can I roll over my HSA into an IRA?
A: No. HSA funds can only be rolled over into another HSA account, not an IRA.

Q: What happens to my Traditional IRA if I die?
A: Your beneficiaries will be notified, and funds will be distributed accordingly.

How to Get Started

 

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

How Much Can I Contribute to an IRA?

IRA Eligibility Calculator

Where can I find this on my tax return?

Do you participate in a retirement plan at work?

Results

Non-deductible Traditional IRA

  • You
  • Spouse

Deductible Traditional IRA

  • You
  • Spouse

Roth IRA

  • You
  • Spouse

You Might Find Helpful