Your financial path is likely to include retirement. Be prepared by saving now with tax benefits* — it’s never too early or too late to start.
Key Features
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Competitive Dividends -
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No Setup or Maintenance Fees -
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Tax Advantages*
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
| Traditional | Roth | |
| Tax Implications | Funds are tax-deferred; taxed upon withdrawal. | Funds are taxed before funding; qualified withdrawals are tax-free. |
| Tax Benefits | Earnings growth is tax-deferred. | Earnings growth is tax-free. |
| Income Requirements | Your income does not affect yearly contribution amount. | Your income affects yearly contribution amount. |
| Age Restrictions | No restriction. | No restriction. |
| Early Withdrawal Penalties | 59 1/2+ to avoid withdrawal tax penalty. | 59 1/2+ to avoid withdrawal tax penalty. |
| Withdraw Taxes | You pay taxes on all amounts withdrawn. | You won't pay taxes upon withdrawal if funds have been in the IRA for 5 years. |
- Tax-advantaged retirement savings1
- Competitive dividends above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- Annual contribution limits apply (see current contribution limits; ($7,000 as of 2023)
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- NCUA insured up to $250,000 with an additional $750,000 insured through ESI (Excess Share Insurance) private insurance
IRA Share
- Minimum to open $5
- Minimum to earn dividends $5
- No annual administration fee
- Allows contributions throughout the year through payroll deduction
IRA Certificate
- Minimum to open $500
- Minimum to earn dividends $500
- No annual administration fee
- Allows contributions on renewal date only
- Certificate terms from 6 months to 5 years
- Jumbo Certificates available
See what your share insurance is with the Share Insurance Estimator — and calculate your earnings with our financial calculators.
IRA share vs. IRA certificate explained
The IRA share account is the IRA itself. However, once the funds are in your IRA, you may choose to invest it in an IRA Certificate (fixed rate over the term, but rate could change at renewal) to earn a higher rate. All deposits and withdrawals will be run via the IRA share account.
1Consult a tax advisor.
- Competitive, tiered rates — higher balances earn higher rates
- Enjoy flexibility with enhanced access to funds
- No monthly service fee
- Avoid account closing by maintaining a $2,000 minimum daily balance
- Manage your IRA account through the Trax Online IRA Management Portal
- Free telephone banking
- $2,000 minimum deposit to open
- Must have an IRA Share account to open
Estimate your savings with our savings goal calculator!
We are pleased to inform you that IRA Accounts in Trax Credit Union are insured up to $1,000,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance from Excess Share Insurance Corporation (ESI).
NCUA’s basic federal coverage insures credit union members’ deposits up to $250,000. For details about federal deposit insurance, or how to structure your accounts to qualify for greater federal coverage, please contact Trax at 813-800-8729 or contact the NCUA. Accounts exceeding the maximum level of coverage provided by NCUA ($250,000) are also insured up to an additional $750,000 by ESI.
Click here for more details.
Plan your retirement with our retirement planner calculator and estimate your savings with our savings goal calculator!
See what your share insurance is with the Share Insurance Estimator — and calculate your earnings with our financial calculators.
*Consult a tax advisor.