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Roth IRA
Retire strong with tax-free savings growth; your future self will thank you
Save
Retirement savings that work for you
Grow
Tax-free growth on contributions and earnings¹
Spend
Withdrawals are tax- and penalty-free
Why open a Roth IRA?
Saving for retirement is personal. And putting your money in the right places for you will matter most of all. With a Roth IRA savings account, your contributions and earnings grow tax-free, and withdrawals after the age of 59 ½ are tax- and penalty-free. It’s a solid option to put your money to work now for use in retirement.
Terms
- $25 minimum deposit and monthly balance to avoid $1 monthly maintenance fee
- Dividends are compounded daily and paid monthly
- Roth IRA earnings withdrawn before age 59 ½ or before the account is 5 years old may be subject to tax and penalties
- 6% non-deductible federal excise penalty may be imposed for excess contributions
- Must be a Civic member to open a Roth IRA account
Features
- Qualified contributions may be withdrawn tax- and penalty-free at any time
- Ongoing deposits to your Roth IRA are not required
- Annual contributions allowed up to $7,000, or $8,000 for members 50+ years old
- Funds cannot be borrowed or used to secure a loan
Roth IRA
Requirements and contributions, set by the IRS
| 0 | Year | Maximum contribution limit | With catch-up contribution (age 50 or older) |
|---|---|---|---|
| 1 | 2025 | $7,000 | $8,000 |
If you are age 50 or older in the year of contribution, you can make an additional contribution of $1,000 above the maximum contribution limit. Your taxable compensation for the year may limit the amount you can contribute.
Modified Adjusted Gross Income (MAGI) limits
| 0 | Year | Maximum income if single | Maximum income if married and filing taxes jointly |
|---|---|---|---|
| 1 | 2025 | $150,000 | $236,000 |
| 2 |
Rates
Roth IRA
| 0 | Rate | APY1 | Minimum deposit to open |
|---|---|---|---|
| 1 | 2.20% | 2.22%1 | $25 |
Open your IRA
Open your Roth IRA through our partner, Ascensus, and a Civic representative will be in touch to work with you through the process.
For the best member experience, apply using online banking on a desktop or laptop computer.
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You know the details matter (and you are in good company)
Here are a few FAQs
What is an Individual Retirement Account?
An IRA is a personal savings account that allows you to save for retirement with tax-free contributions (Traditional IRA) or with tax-free withdrawals (Roth IRA).
Roth IRA vs. Traditional IRA – which is better?
The right IRA is up to you. With a Traditional IRA, your contributions are tax-deductible, but you’ll be taxed on your distributions. With a Roth IRA, distributions are tax-free, but your contributions are taxed.
Are there reasons I shouldn't open a Roth IRA?
Roth IRAs are a smart choice for many people, but you may want to talk to your financial adviser to figure out if it is the right IRA for you.
Open a Roth IRA now to save for retirement
Retire strong with a Roth IRA and get tax-free growth on contributions and earnings.
1 APY = Annual Percentage Yield. Civic membership required to open account. Rate may be subject to change daily at the discretion of the Board of Directors. A service fee of $1 will be charged each month the balance is below $25 at statement date. Fees could reduce the balance on the account. The advice provided is for informational purposes only. Consult a financial advisor or tax professional for additional guidance. This is a Share IRA account and is not an investment account.
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