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Individual Retirement Accounts

Invest for your future while enjoying potential tax advantages with an Individual Retirement Account (IRA).
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Secure Your Future with a N.E.W. IRA

Looking to save for retirement or educational expenses? Choose from a variety of IRA options to help you meet your long-term financial goals.
Features & Benefits
  • No Minimum Balance: Start saving with any amount that works for you.
  • No Credit Union Fees or Penalties: Enjoy hassle-free savings—just growth!
  • No Fees: We charge no fees to service or maintain your IRA.
  • Dividends Daily, Compounded Monthly: Your balance grows daily with dividends that are compounded and paid monthly, giving your savings a faster rate of growth.
IRA Options
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Traditional IRA

A great option for those who want to reduce their taxable income in the year they contribute. Your savings grow tax-deferred until retirement.

Roth IRA

A Roth IRA is a type of individual retirement account (IRA) where contributions are made with after-tax dollars, and the money grows tax-free, and qualified withdrawals in retirement are also tax-free.

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Coverdell Educational Savings Account (CESA)

Save for educational expenses for a child. Coverdell ESAs allow tax-free withdrawals for qualified educational expenses.

Simplified Employee Pension (SEP) IRA

Designed for small businesses, a SEP IRA allows employers to offer retirement savings options to their employees at a low cost.
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IRA Rates

IRA
MINIMUM TO OPEN APY*1 COMPOUNDED*2
$0
0.75%
MONTHLY
*1Annual Percentage Yields (APYs) effective as 03/02/25 and are subject to change. *2Dividends are compounded and credited to the account monthly.
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*1Annual Percentage Rates (APRs) effective as of 03/02/25 and are subject to change. Please be aware that individual rates and terms may vary based on down payment, age of collateral, mileage, credit history, and credit score. All loans are subject to approval.

FAQs

What is the difference between a Traditional IRA and a Roth IRA?
The main difference between a Traditional IRA and a Roth IRA is when you pay taxes. With a Traditional IRA, you get a tax deduction on contributions now but pay taxes when you withdraw in retirement. With a Roth IRA, you pay taxes on contributions upfront, but your withdrawals in retirement are tax-free.
What is the benefit of a SEP IRA?
A SEP IRA (Simplified Employee Pension) allows business owners to make tax-deductible contributions for themselves and their employees. The main benefit is that it has higher contribution limits than a Traditional or Roth IRA, making it a great option for small business owners and self-employed individuals who want to save more for retirement. Contributions grow tax-deferred until retirement.
When is a good time to start saving for retirement?
The best time to start saving for retirement is as early as possible. The sooner you begin, the more time your money has to grow through compound interest. Starting early can help you take advantage of long-term investment growth and build a comfortable retirement fund over time.

Ready to Start Saving for the Future?

Whether you’re planning for retirement or saving for your child’s education, an IRA from N.E.W. Credit Union is a smart, simple way to build your financial future.

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Need help planning for retirement?

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Schedule an appointment with our partners at Courts Financial Strategy and learn more.
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