IRAs (Individual Retirement Account)

IRAs are offered as Traditional or Roth Accounts.

CTFCU offers IRA Savings, allowing for contributions to be made at any time without term limitations. IRA Certificates (CD's) are also available with terms up to 48 months.

Consult your tax adviser, as an IRA may have also tax advantages.

Traditional IRA

Contributions you make to a traditional IRA may be fully, or partially deductible, depending on your circumstances, and generally, amounts in your traditional IRA (including earnings and gains) are not taxed until disbursed. A CTFCU IRA provides you with earnings and is insured separately from your other deposits for up to $250,000 by the NCUSIF.

Traditional IRAs can be IRA Savings or IRA Certificates.

For more information, visit your local branch or call 1-800-622-5305.

Roth IRA

The Roth IRA's principal difference from most other tax advantaged retirement plans is that, rather than granting a tax break for money placed into the plan, the tax break is granted on the money withdrawn from the plan during retirement. A CTFCU Roth IRA provides you with excellent earnings and is insured separately from your other deposits for up to $250,000 by the NCUSIF. Roth IRAs can be set up as IRA Savings, or IRA Certificates.

For Roth IRA's, visit your local branch or call 1-800-622-5305.

Account Types

IRA Savings
You can contribute at any time and the accounts do not have term limits.

IRA Certificates
Invest $500 or more, at terms from 6 to 48 months. IRA Certificates are a great way to earn a higher dividend than just keeping your savings in your IRA Savings Account. Once you set up a new Share or IRA certificate, as long as you don't want to make changes to the term, you don't have to worry about missing a maturity date. Your certificate will automatically renew for the same term at the current rate.

We will mail you a notice prior to the maturity date. If you want to make changes, just let us know. If you don't want to make any, there's nothing else for you to do.

The renewal policy for new Share and IRA Certificates, opened April 1 or later, will be stated in the Rate Schedule. If you opt out of the automatic renewal for another term, the account balance will be transferred to another account of yours upon maturity. If you do not notify us in advance, and the certificate automatically renews, you will then have a grace period of seven days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty. You will not be paid dividends on the account after the maturity date.