Individual Retirement Accounts (IRAs) are a great foundation for savings towards your retirement. IRAs are federally regulated savings accounts designed to help you save for retirement and/or other specific needs. Deposits to IRAs can be tax-deductible under certain conditions, and the dividends that are earn in an IRA are tax-deferred.
Bensenville Community Credit Union offers the Traditional IRA, Roth IRA and Coverdell ESA (Formerly Educational IRA). You can make IRA deposits into an IRA Share Account and once the balance builds up, you can transfer it to a higher yielding IRA Certificate without compromising the tax benefits of the funds.
If you previously opened your IRA at another financial institution, you can transfer that amount to Bensenville Community Credit Union at no risk of being taxed on funds transferred.
