Retirement Savings

Save more. Secure your future.

Your Individual Retirement Account (IRA) can be established as either a Share Account or a Share Certificate. Both help you save for retirement.

  • An IRA Share Account is a tax advantaged savings account with no fixed term.
  • An IRA Certificate is a tax advantaged Share Certificate with a fixed term.

IRA Account Types

Share Certificate IRA

  • Dividend rate is fixed for a period of time
  • $2,000 minimum to open
  • Dividends compounded daily and credited monthly
  • 3 year and 5 year terms available

Traditional IRA

  • Contributions are tax deductible
  • Minimum distributions are required after age 72
  • $10 minimum to open
  • Dividends compounded and credited quarterly

Roth IRA

  • Contributions are not tax deductible
  • Roth IRA contributions are made after taxes – so any qualified distributions in the future are tax free.
  • There are no minimum distribution requirements.

Traditional and Roth IRA accounts are separately insured by NCUA up to $250,000.

Maximum Contributions

Members under age 50 can contribute up to $6,000 and members over age 50 can contribute up to $7,000.

Minimum Distributions

Members under the age of 59 ½  will incur a 10% penalty for early withdrawal unless they meet certain circumstances or exceptions. Minimum distribution age has been changed: for individuals who turn 72 after 2022, the age increases to 73. For individuals who turn 74 after 2032, the age increases to 75. Note: these changes are effective for distributions required to be made after December 2022. The IRS imposes a 10% penalty on funds withdrawn from IRA accounts before age 59 ½ except under certain circumstances. Consult a tax advisor for details.

*Consult a tax advisor for details.

Certificate Rates >

To open a retirement account, contact Member Services at 410-828-4730, 800-234-4730, memberservices@bcefcu.com, or visit one of our branches.