What is an IRA?

Ask people what finances cause the most worry and two popular answers are funding retirement and paying for college. It’s no wonder, with the cost of living and higher education expenses going up every year.

So how do you pay for them? With a diligent and disciplined approach using one of PrimeWay's Individual Retirement Account (IRA) options.

IRAs are accounts specifically set up to use during retirement that offer significant tax advantages. An IRA is not the investment itself—it is the repository for all of the different investments that will help fund your long-term financial goals. And the sooner you start, the longer your money has to grow.

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You Have IRA Saving Options at PrimeWay

We offer a Tax Advantage IRA Savings and multiple term IRA Certificates of Deposit.

Open a PrimeWay IRA and receive:

  • Fixed or Variable Rate Options
    We provide flexible planning options for your financial future. You can open a PrimeWay Tax Advantage IRA Savings with a variable rate3 for as little as $5. Or select from one of our IRA Certificates of Deposit (CD) options with a $1,000 minimum deposit and earn a fixed rate of return for a set period of time. You may receive a higher rate on larger CD deposits.
    See interest rates
  • Multiple CD Term Options
    We have a wide range of IRA CDs for you to choose. Terms are available for as little as 6 months or as long as 60 months.
  • NCUA Insurance
    Our Tax Advantage IRA Savings and IRA Certificates are federally insured by the NCUA and backed by the full faith and credit of the United States Government.

Depending on your needs, you can set up your IRA as a Traditional, Roth or Coverdell IRA:

  • Traditional IRA
    Funded with pre-tax deductions, the earnings are tax-deferred and your contributions may be tax-deductible.
  • Roth IRA
    Funded with after-tax money, so you pay taxes on your contributions now. But earnings are tax-free upon withdrawal.
  • Coverdell IRA
    Funded with after-tax money, this is a trust or custodial account created only for the purpose of paying qualified education expenses. Earnings withdrawn for qualified education expenses are exempt from federal income tax.