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Choose the IRA that’s right for you
Even if you already have other retirement savings, an IRA can be an important way to supplement and support them—and it’s a great way to reduce your tax burden. We offer Roth and Traditional IRAs, both of which can be opened as a typical savings account, or as an investment certificate. We also offer a Simplified Employee Pension IRA (SEP) and Coverdell Education Savings Account (ESA). All of these programs offer distinct tax advantages. Your tax adviser can help you determine which option might be right for you.
Multiple options available to meet your unique needs
No minimum balance required, except for certificates
Federally insured up to $250,000
Rates as high as
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1
Online Application
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2
Account Opening
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All rates are subject to change. Rates are subject to change after account opening. Early withdrawal penalties may apply. For all other terms and fees for each account, contact your branch for the applicable disclosure statement(s). Any fees assessed could reduce earnings on this account. Other terms and conditions may apply, see Credit Union for full details.
All certificates may be opened as an IRA investment and almost all can be opened as an HSA. For more information on which IRA option is right for you please consult with your tax advisor.
The minimum balance to open and maintain a share certificate account is $500, except Smart Growth which has a minimum of $100.
Individual Retirement Accounts (IRA) Guide:
All rates are subject to change. Early withdrawal penalties may apply. For all other terms and fees for each account, contact your branch for the applicable disclosure statement(s). Any fees assessed could reduce earnings on this account. Other terms and conditions may apply, see Credit Union for full details.
All certificates may be opened as an IRA investment and almost all can be opened as an HSA. For more information on which IRA option is right for you please consult with your tax advisor.
The minimum balance to open and maintain a share certificate account is $500, except Smart Growth which has a minimum of $100.
APY = Annual Percentage Yield
6- Limits increase if you are over 50 years of age.
7- This is a limited time offer and available on a first come, first serve basis. This offer is only available to funds new to NW Preferred.
Rates
| Account Type | Base Rate3 | APY3 |
|---|---|---|
|
Additional Savings9 |
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Holiday Savings10 |
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Vacation Savings10 |
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IRA Savings Account |
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All rates are subject to change. Rates are subject to change after account opening. Early withdrawal penalties may apply. For all other terms and fees for each account, contact your branch for the applicable disclosure statement(s). Any fees assessed could reduce earnings on this account. Other terms and conditions may apply, see Credit Union for full details.
All certificates may be opened as an IRA investment and almost all can be opened as an HSA. For more information on which IRA option is right for you please consult with your tax advisor.
The minimum balance to open and maintain a share certificate account is $500, except Smart Growth which has a minimum of $100.
APY = Annual Percentage Yield
3 The share account Base Rates and Annual Percentage Yields shown are the prospective rates and yields the Credit Union anticipates for the applicable Dividend Periods. Dividends are calculated by the daily balance method.
9 Dividends will be compounded daily and credited quarterly.
10 Dividends are not compounded.
Individual Retirement Accounts (IRA) Guide
| Question | Traditional IRA6 | Roth IRA6 | Coverdell ESA |
|---|---|---|---|
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How much can I contribute? |
$6,500 for 2023
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$6,500 for 2023
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Up to $2,000 per child each year |
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Are contributions deductible? |
Yes |
No |
No |
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When can I withdraw without restrictions?7 |
After reaching 59½ years of age |
Contributions — anytime Dividends — after 5 tax years & after reaching 59½ years of age |
Anytime– as long as it’s a qualified school expense. |
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