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Transition your dreams into a real-life outcome with the help of an IRA from Wellspring Credit Union.

Whether your dream retirement entails a slow crawl on a pontoon boat or chasing rambunctious grandkids, it's never too early to start saving. We offer both traditional and Roth IRA plans — each with different associated tax advantages*, plus Education Savings to help save for your child's education. There are no setup or monthly maintenance fees, just dividends above standard savings to be earned!

  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase share certificates (CDs) within IRA
  • $100 minimum deposit to open an IRA savings account
  • $2,000 minimum deposit to open an IRA share certificate

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

  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until a withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals begin at age 70 ½ 

Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals can begin at age 59 ½
  • Early withdrawals are subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income 

Create an easier transition into college for yourself and your student by setting up a savings account early. An Education Savings Account (ESA) provides a tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life. 

  • Set aside funds for your child's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses1
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply2
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 303
  • The ESA may be transferred without penalty to another member of the family
  • $100 minimum deposit to open an ESA savings account
  • $2,000 minimum deposit to open an ESA share certificate
Set aside for your retirement plans.

*Consult a tax advisor.