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IRA Savings Accounts:
Flexibility With Your Retirement Savings

Earn dividends on your money and save on your terms with an IRA savings account from Navy Federal. Preparing for your future is easy with one of our retirement savings options.

  • Easily manage your long-term saving
  • Enjoy flexible contribution amounts
  • Start saving early to allow your contributions to grow

APY

0.25% 1

Minimum Deposit

$0

Term

None

Explore IRA Options

Traditional IRA Savings Account

Traditional IRAs are potentially tax-deferred retirement plans. You may not pay taxes on your contributions until you withdraw the funds.

Features:

  • Contribute at any time until the age of 72 when earning income2
  • Make tax-deferred growth and tax-deductible contributions
  • Pay taxes upon withdrawal
  • No minimum contribution

Best For:

  • Individuals who maxed out their employer-sponsored retirement plan
  • Individuals who are beginning their retirement-saving journey
  • Individuals who may not have access to a workplace-sponsored retirement plan
Open Now a Traditional IRA

Roth IRA Savings Account

With Roth IRAs,3 you pay taxes now and withdraw funds tax-free when you retire.

Features:

  • Tax-free qualified withdrawal
  • Tax-free growth
  • Contribute at any time and at any age with earned income
  • No minimum contribution

Best For:

  • Individuals who expect to be in the higher tax bracket when taking withdrawals
  • Individuals who are beginning their retirement-saving journey
Open Now a Roth IRA account

SEP (Simplified Employee Pension) IRA

SEP IRAs are retirement savings plans that provide self-employed individuals and participating business owners an easy way to save for themselves and their employees.

Features:

  • Grow tax-deferred investments until retirement when distributions are taxed as income
  • Contribute anytime to your own and your employee’s SEP plans
  • Elevated contribution limits
  • No minimum contribution

Best For:

  • Individuals who are self-employed and owners of a small business
  • Individuals who would like to take advantage of tax-deductible contributions
Open Now a SEP IRA

Compare Retirement Savings Options

After you've decided on a savings plan, the next step is to choose the best savings option that will get you to your goals.

IRA Savings Account IRA MMSA & Jumbo MMSA IRA Certificate

Start early and save for your future on your terms while still earning dividends.

  • Long-term saving
  • Contribute at any time
  • No term restrictions

Earn more than a standard savings account by maintaining an account balance of $2,500 or more.

  • Higher balances receive greater earnings
  • Contribute at any time
  • No term restrictions

Plan ahead and earn guaranteed returns at a higher dividend rate than a savings account.

  • Variety of term options
  • Minimum deposit amount as low as $50
  • Competitive dividend rates

IRA Contribution Limits, Deadlines & Eligibility

Make sure you’re on top of your IRA. Read over IRA contribution limits, deadlines and eligibility here.

Learn More about IRA contribution limits, deadlines and eligibility.

Want More Information About Saving?

Explore our resources at Navy Federal's Savings Learning Center.

Learn More at the Savings Learning Center

Savings Resources

View Moresavings resources

Disclosures

1

Rates on variable accounts (e.g., Share Savings, Checking, MMSA) may change after the account is open. This APY is accurate as of 06/26/2022. Fees may reduce earnings.

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2

For IRA owners who turn 70 1/2 on or after 1/1/2020.

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3

Consult with your tax advisor.

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