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Roth IRA

Retired couple looking out at the ocean, happy they opened a Civic Roth IRA account in there younger years.
Roth IRA

Grow your retirement savings

Enjoy your retirement with tax-free withdrawals


Stash money for retirement tax-free1


Earnings compound daily, paid monthly


Withdraw money tax- and penalty-free

Find the right retirement account

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. 

Keep in mind: You can’t take a tax deduction with a Roth IRA so there are no current-year tax benefits.

If you need to open an inherited IRA, please contact our Experience Center for more information.

Man sitting at a desk his laptop, applying for a Civic Roth IRA.

  • $25 minimum deposit to open and avoid maintenance fees 
  • Dividends are compounded daily and paid out monthly 
  • Rates and annual percentage yields (APY) are subject to change daily 
  • $1 monthly service fee is charged if balance falls below $25 on statement date 
  • Earnings withdrawn before age 59½ may be subject to tax and penalties1
  • Earnings withdrawn before the account is five years old may also be subject to tax and penalties 
  • A 6% non-deductible federal excise penalty may be imposed for excess contributions 
  • Must be a Civic member to open a Roth IRA
Young woman looking to the future with her Civic Roth IRA.

  • Ongoing contributions are not required 
  • Qualified contributions may be withdrawn tax- and penalty-free1 at any time 
  • Catch-up contributions available for members age 50 and over 
  • Cannot borrow funds or use as security for a loan
Couple dancing in the kitchen, enjoying retirement with a Civic Roth IRA.

Qualified withdrawals are tax-free1 if at least one of the following conditions apply: 

  • You are a first-time homebuyer ($10,000 lifetime limit) 
  • You have a qualifying disability when you make the withdrawal 
  • Withdrawals are made by your beneficiary after you die 

Earnings are subject to tax, but no penalty if one of the above exceptions or one of the following applies: 

  • You are using the withdrawal to pay for certain higher education expenses 
  • Certain conditions are met for unemployment or qualifying medical expenses 
  • 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
Family of four, playing a board game on the floor.

Roth IRA requirements and contributions

Year Maximum contribution limit With catch-up contribution (Age 50 or older)
2024 $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

Year Maximum income if single Maximum income if married and filing jointly
2024 $161,000 $240,000
2023 $153,000 $228,000


Roth IRA

Rate APY1 Minimum Deposit to open
2.20% 2.22% $25

Open your IRA

Apply for your Roth 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.

Not sure if a Roth IRA is right for you? A Traditional IRA with tax-free contributions (instead of withdrawals) might be what you’re looking for.

Traditional IRA

Set your retirement savings pace

  • Open with just $25
  • Tax-deductible contributions
  • Earnings compound daily and are paid out monthly
Check it out
You know that details matter. [And you are in good company.]

Here are a few frequently asked questions:

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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.