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IRA Overview
What’s an IRA?
An Individual Retirement Account is a savings account that allows you to save for retirement with tax-free contributions or withdrawals, depending on the account.
Use your IRA as a supplement to an employer-sponsored 401(k) or as a primary retirement account if you’re just starting out. They’re also good for stashing away a little extra to catch up when you’re close to retiring. Save on your own terms, so you can enjoy retirement on your own terms too.
Roth IRA
A Roth IRA is an Individual Retirement Account you contribute after-tax dollars to. Your contributions and earnings grow tax-free, and you can withdraw them tax-free and penalty-free1 after age 59½ and once the account has been open for five years.
Traditional IRA
A Traditional IRA is an Individual Retirement Account that offers tax deductions1 the same year you contribute funds to the account (as long as you contribute by the tax filing deadline).
Your contributions grow tax-deferred, which means you are not taxed on the earnings until the funds are distributed.
SEP IRA
A Simplified Employee Pension (SEP) IRA is the savings solution for small businesses and self-employed members. With an SEP IRA, you can save more for retirement and accumulate tax-deferred1 earnings.
IRA rates
| Account type | Rate | APY1 | Min. deposit to open |
|---|---|---|---|
| Roth IRA | 2.20% | 2.22% | $25 |
| Traditional IRA | 2.20% | 2.22% | $25 |
| SEP IRA | 2.20% | 2.22% | $25 |
Open your IRA
Apply for an IRA through our partner, Ascensus, and a Civic representative will be in touch and work with you through the process.
For the best member experience, apply using online banking on a computer.
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View All FAQs
Here are a few frequently asked questions:
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.