Top Results
Traditional IRA
Open a Traditional IRA to save for retirement with the tax benefits you deserve
Grow
Get tax-deferred growth1
Save
Set money aside for retirement
Deductions
Get full or partial tax deduction
Save for retirement at your pace
Opening a Traditional IRA not only helps you save for retirement, but it has tax benefits you can use now. The money you contribute may be fully or partially tax deductible depending on your income. That means your taxable income could be less, and you could pay less in taxes.
Also, your savings will grow tax-deferred until you use it for retirement.
Terms
- $25 minimum deposit required
- Traditional IRA interest rates and annual percentage yields (APY) are subject to change daily
- Funds withdrawn before age 59 ½ may be subject to tax and penalities
- Dividends are compounded daily, paid monthly
Features
- Ongoing contributions are not required
- Penalty-free withdrawals are allowed under certain circumstances
- Catch-up contributions available for members age 50+
- Contribute up to $7,000 each year
Traditional IRA rates
| 0 | Rate | APY1 | Minimum Deposit to open |
|---|---|---|---|
| 1 | 2.20% | 2.22%1 | $25 |
For 2025 you can contribute up to $7,000, or up to your earned income for the year if it is less than $7,000.
Open your IRA
Open your Traditional 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.
More to explore
We think this could be helpful too
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.
Do I pay income taxes on withdrawals from a Traditional IRA?
Yes. Any withdrawals (except non-deductible contributions) from a Traditional IRA are subject to regular income taxes.
Can I make withdrawals prior to age 59½?
Yes, you can take a distribution at any time! Penalty-free withdrawals before age 59½ are allowed if:
- You are a first-time homebuyer ($10,000 lifetime limit)
- You are using the withdrawal to pay for certain higher education expenses
- Certain conditions are met for unemployment or qualifying medical expenses
- The distribution was a result of disability or death
- Distributions were part of a series of substantially equal periodic payments
- You took qualified reservist distribution while serving on active duty
- Distribution is used to pay a federal tax levy
What is a catch-up contribution?
If you are age 50 or older in the year of contribution, eligible account holders can make an additional contribution of $1,000 above the distribution limit set by the IRS.
Open a Traditional IRA to save for retirement with tax benefits
Get tax deductions while you save for retirement with a Traditional IRA! It’s never too late or too early to start.
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.
Recommended articles
The ultimate resource for your banking needs
Money Mentor
How to Earn Money With a Checking Account
Money Mentor
7 Things to Know About Money Before You Travel
Money Mentor
How to Build or Rebuild Your Credit