IRAs

Individual Retirement Accounts (IRAs)

Welcome to our tax shelter.

Store your money away in an IRA, and you won't pay taxes on it until you withdraw it.

You can start withdrawing without penalty when you're 59 1/2. But if you're not withdrawing once you hit 70 1/2, there's a penalty for that.

Take your money in one lump sum or in regular payments. Your choice.

SFCU offers 12, 18, 24, 30 and 36 month IRAs, as well as a Future Fund Account, a daily account used for payroll deduction.

We compute your dividends every day and pay them monthly. IRAs are insured up to $250,000 by the National Credit Union Administration (NCUA), and that's in addition to the $100,000 NCUA insurance on all other deposits.

Roth IRAs

With a Roth IRA, you'll earn tax-free dividends. While your contributions are taxed, all withdrawals - including earnings - are tax-free, as long as you've had the account for at least five years and you're 59 1/2 or older. If you're not that old, you can still withdraw tax-free to purchase your first home or pay higher education expenses.

If you would like to open an IRA please contact Member Services at (509)328-2900, 1-800-541-4310 or mbrsvc@spokanefederal.com.