Individual Retirement Accounts

IRA’s in South Central, Pennsylvania and Washington County, Maryland

Patriot Federal Credit Union offers several great-rate options to help you save for retirement or your child’s college education. Contributions may be deposited in “lump sums” or throughout the year by regular deposits, depending upon the type of Individual Retirement Account, or IRA, you choose. Check our current rates. The three types of IRA’s we offer online and at our credit union branches throughout Chambersburg, PA, Waynesboro, PA, and Hagerstown, MD, are:

Traditional IRAs

A Traditional IRA offers the advantage of tax-deductible contributions now, building earnings until you need them, and deferring taxes on your earnings until they are withdrawn.*

  • Can be invested in IRA Certificates or an Accumulative IRA account
  • IRA investments are subject to IRS rules and restrictions
  • Contributions may be tax deductible
  • Earn interest on your retirement savings
  • Taxpayers can make contributions up to a specified maximum dollar amount

Roth IRAs

A Roth IRA offers flexibility by allowing you to pay taxes now and reap the benefits in the future. Within qualifying limits, Roth IRA contributions and earnings may be withdrawn tax-free.*

  • Can be invested in IRA Certificates or an Accumulative IRA account
  • IRA investments are subject to IRS rules and restrictions
  • Earn interest on your retirement savings
  • Contributions are not tax deductible, but qualified distributions are tax free
  • Taxpayers can make contributions up to a specified maximum dollar amount

Coverdell Education Savings Account

The Coverdell Education Savings Account (formerly known as the Education IRA) is a savings account that will help pay for your child’s education. You can contribute funds to help pay for your child or grandchild’s qualified educational expenses, while taking tax advantages.*

  • A parent or legal guardian must open the account and list the child as the beneficiary
  • Contributions are allowed until the beneficiary reaches age 18
  • Anyone may contribute to a max amount of $2,000 per year
  • Earnings are tax-deferred

Our staff is up-to-date on the latest IRA provisions and can help you choose the term that best suits your needs.

*Please consult your tax advisor about your particular situation.

Dividend Rates

Give yourself peace of mind by setting aside money for your retirement or your child’s education. You can feel even better about your decision to choose to open your IRA at Patriot because the National Credit Union Administration (NCUA) federally insures your Patriot retirement or education accounts up to $250,000, separately from your other Patriot accounts. Choosing to open an IRA at a brokerage firm or similar company means your money is not federally insured if it contains variable rate investments.

Patriot cares about the communities we’re in, so we want to make it easy for members of these communities to attain financial independence and stability. Whether you’re looking to get tax deductions on savings or are building a family legacy, we have options for everyone, no matter what stage of life you’re in. Patriot offers the products and services you need, right around the corner.

Patriot’s mission is “People Helping People – Not for Profit, Not for Charity, But for Service.” Stop by one of our branches in Chambersburg, PA, Waynesboro, PA, or Hagerstown, MD, today to talk to our staff about opening an IRA and see for yourself.

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