Traditional IRA

Richmond Community FCU offers a share savings IRA that pays a higher quarterly interest rate than our regular savings accounts.

Individual retirement accounts are a smart way to save for the future. A traditional IRA can be opened and funded without any employer participation. Contributions and/or earnings are tax-deferred until retirement. Unlike many employer plans, money in the account is always accessible; however, until age 59 1/2 there is a 10 percent early distribution penalty unless you qualify for an exemption due to one of the following: disability, qualifying education expenses, unemployment, qualifying first-home purchases, death, or receipt of your IRA assets in equal payments over your life expectancy.

Members under age 70 1/2 may contribute to an IRA at a maximum of $3,000 per year for tax years 2002 - 2004.

For more information on a traditional IRA please contact the Member Services Department at the nearest branch office. Click here for branch office phone numbers.

To view current rates click here.

* The Credit Union provides not legal advice to members, and provides the foregoing information from a reliable resource to give our members a basis understanding of these services. You should consult with your tax or legal adviser regarding any particular and the current status of applicable federal and state laws.