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.
Roth IRA
Roth IRA
Grow your retirement savings
Enjoy your retirement with tax-free withdrawals
Save
Stash money for retirement tax-free1
Grow
Earnings compound daily, paid monthly
Spend
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.
- $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- Earnings withdrawn before age 59½ may be subject to tax and penalties1
- Earnings withdrawn before the account is five years old may also be subject to tax and penalties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
- 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- Qualified contributions may be withdrawn tax- and penalty-free1 at any time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
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
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 |
Rates
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.
You know that details matter. [And you are in good company.]
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.