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Stow away funds — and earn dividends! For Your Information

It’s your life. Enjoy it to its fullest by investing in your post-work future now. Ulster FCU will help you meet your goals, with two great IRA options — a traditional and ROTH account — each with unique tax benefits.* Take advantage of dividends above standard savings and no monthly maintenance fees. Open your future possibilities today — it only takes $25 to get started.

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  • Save for retirement with tax advantages*
  • Earn competitive dividends higher than regular savings
  • Pays monthly dividends
  • Available in traditional and ROTH
  • Annual contribution limits apply
  • $1,000 annual “catch up” contributions allowed for ages 50 and better
  • No annual fees or set up fees
  • No minimum balance requirements
  • Federally insured
  • $25 minimum deposit to open

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a ROTH IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • Tax-deferred earnings
  • Contributions may be tax deductible
  • Best option when rolling over your pension or 401(k)

ROTH IRA

  • Contributions are not tax deductible
  • Tax-free earnings
  • Tax-free qualified withdrawals
  • More flexible access to funds than traditional IRA

Higher education can become a financial burden. A Coverdell Education Savings Account (ESA) is designed to help lighten the load.

  • Set aside funds for your child's education
  • Dividends grow tax-free*
  • Withdrawals are tax-free and penalty-free when used for qualifying education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply*
  • Contributions are not tax deductible
  • Contributions are allowed regardless of traditional or Roth IRA participation
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 30
  • The ESA may be transferred without penalty to another member of the family

*Consult a tax advisor.