IRAs

BFSFCU wants to help you build your retirement income and help you realize your retirement goals and dreams. That is why we offer both Traditional and Roth Individual Retirement Account (IRA) Share Certificates (SC) and Savings Accounts.

With our IRA Savings Accounts, there is no minimum balance requirement for these accounts and you are free to make deposits to build your savings. We also offer a variety of terms on our IRA SCs — see our rates table at the bottom of this page.

Members who file U.S. income tax returns and have earned income may contribute to an Individual Retirement Account (IRA). Individual Retirement Accounts are insured by the NCUA for up to $250,000. IRA contributions may be tax-deductible depending upon:

  • Participation in an employer-maintained retirement plan
  • Adjusted Gross Income (AGI)

Please consult your tax advisor for information on whether your IRA qualifies for a tax benefit.

Retirement Calculator

WealthBuilder IRA

Our WealthBuilder IRA Share Certificate is a fixed-rate, two-year time deposit account that combines competitive returns with the security of a guaranteed investment. Start with a $1,000 initial investment and add monthly contributions of at least $50, and watch how fast your retirement account grows.

  • Earn a guaranteed return on your investment
  • It’s available as a Roth IRA or Traditional IRA – which ever suits your needs better
  • Watch your retirement account grow each month
  • Use automatic payroll deduction or periodic payments to make your monthly contributions

Open a WealthBuilder IRA

Traditional IRAs

Traditional IRAs are a great way to invest in your future. With a Traditional IRA, your retirement savings will grow tax deferred and your contributions may be tax deductible (please consult your tax advisor). You are eligible to open and contribute to a Traditional IRA if you or your spouse received taxable compensation during the tax year.

For 2022, you can contribute up to $6,000.00 to your Traditional IRA if you are under age 50 or up to $7,000.00 if you are age 50 or older. You may continue to make contributions for year 2022 until April 15, 2023.

You may contribute to your Traditional IRA in several ways:

  • Normal contributions
  • Catch-up contributions of an additional $1,000 if you are age 50 or older
  • Transferring an existing IRA to BFSFCU
  • Direct rollover from a retirement plan (once every 12 months)
  • Indirect rollovers - distributions from a retirement plan can be redeposited to your IRA within 60 days
  • Spousal contributions
  • Re-characterization contributions - reapply funds that were erroneously invested in a Roth IRA, but did not qualify

With a Traditional IRA, your retirement savings will grow tax-deferred, and your contributions may be tax deductible. No monthly service charges or minimum balance requirements; however, penalties will apply if funds are withdrawn prior to the age of 59 ½. This penalty is separate from the penalty charged by BFSFCU for early withdrawals; please refer to the Truth-in-Savings disclosure. At age 72, you are required to take the minimum distribution.

Open a Traditional IRA

Roth IRAs

With a Roth IRA, your retirement contributions will not be tax deductible; however, your future withdrawals will be tax-free. You are eligible to open and contribute to a Roth IRA if you received taxable compensation during the tax year. There is no age limit to opening a Roth IRA; however, there are limitations based on the modified Adjusted Gross Income (AGI) of you and your spouse.

For 2022, you can contribute up to $6,000.00 to your Traditional IRA if you are under age 50 or up to $7,000.00 if you are age 50 or older. You may continue to make contributions for year 2022 until April 15, 2023.

You may contribute to your Roth IRA in several ways:

  • Normal contributions
  • Catch-up contributions of an additional $1,000 if you are age 50 or older
  • Transferring an existing IRA to BFSFCU
  • Direct rollover from a retirement plan (once every 12 months)
  • Indirect rollovers - distributions from a retirement plan can be redeposited to your IRA within 60 days
  • Spousal contributions
  • Conversions - take the funds from a Traditional IRA and invest them in a Roth IRA
  • Re-characterization contributions - reapply funds that were invested in a Traditional IRA

With a Roth IRA, your retirement contributions will not be tax deductible; however, your future withdrawals will be tax-free. No monthly service charges or minimum balance requirements; however, penalties will apply if funds are withdrawn prior to the age of 59 ½ and 5-year Roth IRA holding period. This penalty is separate from the penalty charged by BFSFCU for early withdrawals; please refer to the Truth-in-Savings disclosure.

Open a Roth IRA

Table data for IRA Rates
 05-20-2022
IRAs Annual Percentage Yield (APY) Dividend Rate Minimum to Open Alert Me
12-Month Fixed Traditional and Roth IRAs 0.500% 0.499% $1,000.00
24-Month Fixed Traditional and Roth WealthBuilder IRAs 0.700% 0.698% $1,000.00
24-Month Fixed Traditional and Roth IRAs 0.700% 0.698% $1,000.00
36-Month Fixed Traditional and Roth IRAs 0.850% 0.847% $1,000.00
48-Month Fixed Traditional and Roth IRAs 0.950% 0.947% $1,000.00
60-Month Fixed Traditional and Roth IRAs 1.250% 1.244% $1,000.00
Traditional IRA Savings Account 0.150% 0.150% None
Roth IRA Savings Account 0.150% 0.150% None
Specialty IRAs Annual Percentage Yield (APY) Dividend Rate Minimum to Open Alert Me
5-Year High Yield Traditional and Roth IRAs 1.500% 1.492% $1,000.00
6-Year High Yield Traditional and Roth IRAs 1.550% 1.541% $1,000.00
7-Year High Yield Traditional and Roth IRAs 1.600% 1.590% $1,000.00
10-Year High Yield Traditional and Roth IRAs 1.650% 1.640% $1,000.00
Jumbo IRAs Annual Percentage Yield (APY) Dividend Rate Minimum to Open Alert Me
12-Month Fixed Traditional and Roth IRAs 0.550% 0.549% $100,000.00
24-Month Fixed Traditional and Roth IRAs 0.750% 0.748% $100,000.00
36-Month Fixed Traditional and Roth IRAs 0.900% 0.798% $100,000.00
48-Month Fixed Traditional and Roth IRAs 1.000% 0.996% $100,000.00
60-Month Fixed Traditional and Roth IRAs 1.300% 1.294% $100,000.00
IRA Fixed account offering rates are subject to change daily and are fixed for the term of the account.