At City of Boston Credit Union you can start saving for your retirement with an Individual Retirement Account, providing Savings and Term Certificate IRA Accounts.  Rollovers from other institutions are welcome.  The IRA Share Account helps you save for retirement with ease. Deposits can be made any time, or you can arrange payroll deduction deposits. As your retirement funds grow, you can lock in a higher rate of return with an IRA Certificate. IRA Certificates are available with a minimum deposit of $500.00 or more, higher yields are available with a deposit of $50,000 or more.  We offer a 12, 18, 24 or 36 month terms, these are automatically renewed under the prevailing rates.

Traditional IRA

Contributions to the Traditional IRA may be tax deductible (consult with your tax advisor). Taxes will be applied to the interest earned during the life of the IRA, but only when drawing money out of the account. In other words, you can use "pre-tax" dollars to make contributions to this account.

When a member retires and withdrawals this money, they may pay a lower tax on this income than when employed and earning a higher salary. If it becomes necessary to withdraw money from this account before age 59 ½, a penalty may be charged. Periodic payments must begin from the Traditional IRA at the age of 70 ½.

Roth IRA

A Roth IRA requires payment of income tax on the contributions made - meaning your contributions are in "after-tax" dollars. Qualifying withdrawals are tax-free. Owners of this type of IRA must hold this account for a period of five years and meet one of the several criteria to make penalty-free, tax-free withdrawals of both contributions and earnings.

All Deposit Accounts at City of Boston Credit Union are insured, for more information click here.