Individual Retirement Account (IRA)

Save for what matters

Your retirement savings have a big impact on your future.
Get started today with a tax-advantaged account. We’re just a phone call away.

Choose the IRA that’s right for you

Even if you already have other retirement savings, an IRA can be an important way to supplement and support them—and it’s a great way to reduce your tax burden. We offer Roth and Traditional IRAs, both of which can be opened as a typical savings account, or as an investment certificate. We also offer a Simplified Employee Pension IRA (SEP) and Coverdell Education Savings Account (ESA). All of these programs offer distinct tax advantages. Your tax adviser can help you determine which option might be right for you.

Multiple options available to meet your unique needs

No minimum balance required, except for certificates

Federally insured up to $250,000

Start saving today

Fill out the online application and you can open an account in as little as 10 minutes.

1
Online Application
2
Account Opening

Rates as high as APY*

All Rates

Frequently Asked Questions

Yes! We offer a safe place for you to save your money, with deposits insured up to at least $250,000 per individual depositor by the NCUA, backed by the full faith of the United States Government.
There is no minimum balance required for our IRA savings accounts. For our IRA certificates, the minimum balance is $500 for a share certificate, and $100 for a Smart Growth certificate.
A certificate is an option you can use with either a Roth or Traditional IRA, in order to save more money. It is an investment account, similar to a CD from a bank, that allows you to save more by leaving your money untouched.
With a Traditional IRA, your contributions are tax-deductible (on state and federal tax returns) for the year you make the contribution. When you make withdrawals in retirement, you’ll be taxed. Roth IRAs do not offer a tax break for contributions, but your earnings and withdrawals during retirement are typically tax-free.
As of 2018, the maximum contribution is $5,500 for those under 50, and $6,500 for those 60 or older.

Individual Retirement Accounts (IRA) Guide

Question

Traditional IRA⁶

Roth IRA6

Coverdell ESA

How much can I contribute?

$6,500 for 2023
$7,000 for 2024

Up to $2,000 per child each year

Are contributions deductible?

Yes

When can I withdraw without restrictions?⁷

After reaching 59½ years of age

Contributions — anytime Dividends — after 5 tax years & after reaching 59½ years of age

Anytime– as long as it’s a qualified school expense.

All rates are subject to change. Rates are subject to change after account opening. Early withdrawal penalties may apply. For all other terms and fees for each account, contact your branch for the applicable disclosure statement(s). Any fees assessed could reduce earnings on this account. Other terms and conditions may apply, see Credit Union for full details.

All certificates may be opened as an IRA investment and almost all can be opened as an HSA. For more information on which IRA option is right for you please consult with your tax advisor.

The minimum balance to open and maintain a share certificate account is $500, except Smart Growth which has a minimum of $100.

Individual Retirement Accounts (IRA) Guide:

All rates are subject to change. Early withdrawal penalties may apply. For all other terms and fees for each account, contact your branch for the applicable disclosure statement(s). Any fees assessed could reduce earnings on this account. Other terms and conditions may apply, see Credit Union for full details.

All certificates may be opened as an IRA investment and almost all can be opened as an HSA. For more information on which IRA option is right for you please consult with your tax advisor.

The minimum balance to open and maintain a share certificate account is $500, except Smart Growth which has a minimum of $100.

APY = Annual Percentage Yield

6- Limits increase if you are over 50 years of age.

7- This is a limited time offer and available on a first come, first serve basis. This offer is only available to funds new to NW Preferred.

Rates

Savings Accounts

Account Type

Base Rate³

APY³

Additional Savings⁹

Holiday Savings¹⁰

Vacation Savings¹⁰

IRA Savings Account

Rates effective as of: September 18, 2024

All rates are subject to change. Rates are subject to change after account opening. Early withdrawal penalties may apply. For all other terms and fees for each account, contact your branch for the applicable disclosure statement(s). Any fees assessed could reduce earnings on this account. Other terms and conditions may apply, see Credit Union for full details.

All certificates may be opened as an IRA investment and almost all can be opened as an HSA. For more information on which IRA option is right for you please consult with your tax advisor.

The minimum balance to open and maintain a share certificate account is $500, except Smart Growth which has a minimum of $100.

APY = Annual Percentage Yield

3- The share account Base Rates and Annual Percentage Yields shown are the prospective rates and yields the Credit Union anticipates for the applicable Dividend Periods. Dividends are calculated by the daily balance method.

9 Dividends will be compounded daily and credited quarterly.

10 Dividends are not compounded.

Example table

Column Title

Cell Value