• $25 minimum deposit to open and avoid maintenance fees; $1 monthly service fee is charged if balance falls below $25 on statement date
• Dividends are compounded daily and paid out monthly
• Rates and annual percentage yields (APY) are subject to change daily
• Funds withdrawn before age 59½ may be subject to tax and penalties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 Traditional IRA
   

• Ongoing contributions are not required
• Withdrawals made before age 59½ are generally subject to ordinary income tax and potentially a 10% early withdrawal penalty, if an exception doesn’t apply
• Catch-up contributions available for members age 50 and over
• Cannot borrow funds or use as security for a loan
• Failure to take the total required minimum distribution each year may result in a 50% excise tax on the amount not distributed
• You must begin taking required minimum distributions (RMD) by age 72, or age 73 if you reach age 72 after December 31, 2022
• Any withdrawals (except non-deductible contributions) are subject to regular income taxes
   

The IRA contribution limit does not apply to:

• Rollover contributions or transfers
• Qualified reservist repayments

Plus, 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