Tax Free Investments

Individual Retirement Accounts

Individual Retirement Accounts are a great part of many retirement portfolios. Your contributions continue to accumulate and compound tax-free until the funds are withdrawn.

Your savings in PrimeWay are insured up to $350,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance by the Excess Share Insurance (ESI) Corporation. Click here for complete details. 

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Account Features

 

  • Dividends compounded and credited monthly.†
  • Tax-free investments
  • Low minimum deposit
  • Minimum opening deposit of $500 to open a Traditional or Roth IRA.
  • Coverdell Educational IRA's require a minimum deposit of $500. 
  • All IRA options are offered in a Savings Account plan with a minimum opening deposit of only $25 
  • NCUA insured funds

 

Traditional IRA

  • Minimum balance is $1,000
  • No Monthly service charge
  • Dividend-bearing**
  • All investment earnings on the IRA can be tax-deferred.
  • IRA contributions are held and invested until the individual is ready to receive them at retirement.

Roth IRA

The Roth is more flexible than other retirement investments, with more opportunities for tax and penalty free distributions.

  • Minimum balance is $1,000
  • No Monthly service charge
  • Dividend-bearing**
  • The tax advantage of the Roth is that it gives owners the opportunity to withdraw earnings tax free under certain circumstances. This can mean substantial tax savings and considerable more income at retirement.
  • There are no age requirements to contribute to a Roth, as long as the IRA owner (or their spouse) has compensation for the year to with the contribution is attributed.

Coverdell Education IRA

This account's sole purpose is to help pay the higher-education expenses of a particular child.

  • Minimum balance is $500
  • No Monthly service charge
  • Dividend-bearing**
  • The tax advantage is that earnings on the funds will be tax-free if used for qualified education expenses by the time the child reaches age 30.
  • With the Economic Growth and Tax Relief Reconciliation Act of 2001, funds in these accounts can now be used for pre-college expenses.
  • Effective January 1, 2002, distributions can be taken to pay for elementary and secondary school expenses.

Tax Advantage Savings IRA

PrimeWay ’s newest savings account allows you to enjoy the benefits of tax free investing with a lower minimum deposit and regular monthly deposits of $25.

  • Minimum balance is $25
  • No Monthly service charge
  • Dividend-bearing**
  • All investment earnings on the IRA are tax-deferred.
Penalties apply for early withdrawal. A $10 fee is assessed if the account is closed entirely. †Applies to Tax savings accounts **Dividends are calculated on an average daily balance. Dividends are compounded and paid quarterly on certificates and monthly on all other accounts. Refer to your Rate Schedule for the current interest rate. If you close your account before dividends are posted, you will not receive accrued dividends.
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