Navy Federal Credit Union
Navy Federal Credit Union

IRA

Get $100 when you open your first IRA with us.*

With an IRA (Individual Retirement Arrangement), you choose the plan that's right for you. The links below will help you with your selection. Depending on your choice, you may be able to take a tax deduction for Traditional IRA contributions, or withdraw the earnings on a Roth IRA tax-free. Our online features make it easy to establish an IRA, name your beneficiary(ies) and view and manage your account.

Traditional and Roth IRA Comparison Chart

Things to Consider

Direct Transfers and Rollovers

Appointing Beneficiaries

Have questions? You can visit a branch, send us an eMessage, or contact us at 1-888-842-6328.

Traditional IRA

Traditional IRAs are potentially tax-deferred retirement plans; you don't pay taxes on your contributions until you withdraw the funds. Contributions can be made as long as you have earned income and you're below the age of 70½.

Yearly Contribution Limits
Tax Year Under 50 Age 50 and over
2014 $5,500 $6,500
2015 $5,500 $6,500
Contribution Deadlines
Current tax year: December 31, 2015
Prior tax year: April 15, 2015
Income Limits for Tax Deductions
Income for Married Filing Joint Income for Single Filer Deductibility
$98,000 or less $61,000 or less Contribution is 100%
tax-deductible
Between $98,000 - $118,000 Between $61,000 - $71,000 A portion of your contribution is
tax-deductible
$118,000 or more $71,000 or more Your contribution is not
tax-deductible

Roth IRA

With a Roth IRA, you pay taxes now and withdraw the funds tax-free when you retire. Contributions can be made after the age of 70½ without any required minimum distributions as long as you have earned income.

Yearly Contribution Limits
Tax Year Under 50 Age 50 and over
2014 $5,500 $6,500
2015 $5,500 $6,500
Contribution Deadlines
Current tax year: December 31, 2015
Prior tax year: April 15, 2015

Simplified Employee Pension (SEP)

If you're self-employed (or work for a participating employer), an SEP plan may be the ideal way to save for retirement. You may make contributions into your own and into each of your eligible employee's SEP plans.

  • Available to all types of businesses: sole proprietorships, partnerships and corporations
  • SEPs must be established under the employee's personal account

Tax Year Maximum Annual Contribution
2014 25% of annual compensation not to exceed $52,000
2015 25% of annual compensation not to exceed $53,000

MMSA & Savings

Our IRA Money Market and Savings Accounts do not require a minimum deposit or set term. These accounts accept contributions, IRA funds from other financial institutions, and 401(k) rollovers. How to transfer funds.

IRA Money Market Savings Account

  • Offers higher dividend rates for higher balances.
  • Account has four dividend rate tiers:
  • - $50,000 and over
    - $25,000 to $49,999
    - $10,000 to $24,999
    - $0 to $9,999*

*A $2,500 minimum balance must be maintained to earn dividends.

Jumbo IRA Money Market Savings Account

  • Offers higher dividend rates for higher balances:
  • Balances
    $100,000 and over
    $0 to $99,999

    Earn
    Current Jumbo IRA MMSA rate
    Current IRA Savings rate

IRA Savings Account

  • Contributions can be made at any time, up to the maximum amount indicated by the IRS.
Yearly Contribution Limits
Under 50 Age 50 and over
$5,500 $6,500

Certificates

Our IRA certificates accept contributions and rollovers, and are designed with a variety of terms and minimum balance options to help you reach your retirement goals. Choose a certificate with a one-time deposit, or open an EasyStartSM which allows additional deposits throughout its term.

IRA Certificates
Short Term: 3-, 6-, 9-, 12-, 18-, and 24-month terms
Long Term: 3-, 4-, 5-, 6-, and 7-year terms

EasyStartSM IRA
Only $100 to open account

Three-Year Variable Rate Certificate
$500 minimum, available for 3-year term


Certificate Maturity Instructions

To access this feature:

  • Sign in to Account Access
  • Click on Account Services
  • Locate the Share or IRA Certificates Category
  • Click on Share or IRA Certificate Maturity Instructions

Certificate Maturity Instructions

To access this feature:

  • Sign in to account access
  • Click on Account Services
  • Locate the Share or IRA Certificates Category
  • Click on Share or IRA Certificate Maturity Instructions

Certificate Maturity Instructions

To access this feature:

  • Sign in to account access
  • Click on Account Services
  • Locate the Share or IRA Certificates Category
  • Click on Share or IRA Certificate Maturity Instructions

Certificate Maturity Instructions

To access this feature:

  • Sign in to account access
  • Click on Account Services
  • Locate the Share or IRA Certificates Category
  • Click on Share or IRA Certificate Maturity Instructions

IRA Certificates

  • Short Term: 3-, 6-, 9-, 12-, 18-, and 24-month terms
  • Long Term: 3-, 4-, 5-, 6-, and 7-year terms
  • Minimum purchase amounts of $1,000, $10,000, $20,000, $50,000, and $100,000
  • Generally pays higher dividend rates with longer maturities
  • Check our certificate rates

EasyStart IRA


Three-Year Variable Rate Certificate

  • $500 minimum, available for 3-year term
  • Add unlimited funds on the 12- and 24-month anniversary dates of the certificate's purchase
  • Once the certificate is purchased, the rate remains in effect for one year. It changes on the purchase anniversary date to the rate then in effect.
  • The new rate will never fall more than ½ percentage point below the initial rate, and has no upper limit.
  • Rates set on the first Monday of each month.
  • Check our certificate rates

Jumbo IRA Certificates

  • Minimum purchase amount is $100,000 or above (not available for Education Savings Accounts)
  • 6- to 84-month terms
  • Generally pays higher dividend rates with longer maturities
  • Check our certificate rates
Yearly Contribution Limits
Under 50 Age 50 and over
$5,500 $6,500

Trusteed IRA

A retirement savings plan that offers the tax benefits of an IRA and the flexibility of a trust.

  • Gives you control over distributions from your IRA to a beneficiary
  • You can limit distributions to income only, or you may provide for more liberal distributions for health, education, maintenance and support
  • Trustee of your IRA will make payouts to the beneficiary according to your restrictions
  • Required minimum distributions set by IRS code will always be made to the beneficiary

You and your beneficiaries may benefit from a Trusteed IRA if you have:

  • A blended family (second marriage with children from your first marriage)
  • A beneficiary who may unwisely misspend or mismanage IRA assets
  • The desire to plan for incapacity or avoidance of guardianship

Call Navy Federal Financial Group at 1-877-221-8108.

Read Important Disclosures


Registered representatives of and securities offered through Navy Federal® Brokerage Services, LLC (NFBS), member FINRA/SIPC. Investment Advisory Services offered through Navy Federal® Asset Management, LLC (NFAM), an SEC registered investment advisor. Insurance sold through licensed insurance representatives of various companies. Nondeposit investment products are not federally insured, are not obligations of the credit union, are not guaranteed by the credit union or any affiliated entity, involve investment risks, including the possible loss of principal, and may be offered by an employee who serves both functions of accepting member deposits and selling nondeposit investment products. NFBS and NFAM products are not offered, recommended, sanctioned, or encouraged by the Federal Government. Office of Supervisory Jurisdiction, 1007 Electric Avenue, Vienna, VA 22180; phone 1-877-221-8108; fax 703-206-1510. Products offered by Navy Federal Credit Union are federally insured by NCUA. Trust Services available through MEMBERS Trust Company, 14025 Riveredge Drive, Suite 280, Tampa, FL 33637. Not all products or services are available in all geographic areas of the United States. Coverage may vary by carrier, and you may not be eligible for all products and services.


Also Check Out...

Important IRA Information
House
Learn about the IRS changes going into effect Jan. 1, 2015.
*Offer effective Dec. 1, 2014. Navy Federal reserves the right to end or modify this offer at any time. Limit one IRA bonus per member. Offer only available to members who open their first IRA plan and deposit a minimum of $100 in their new IRA account. To receive this $100 IRA bonus, funds must be deposited into the new IRA account no later than 45 days after account opening. Once funds have been deposited to the IRA, Navy Federal will credit the bonus directly into your new IRA account within 30 days. The IRA bonus will be credited to your IRA in the form of a dividend and will not be reportable as a contribution. Members should consult with their own tax or legal advisor about the appropriate tax treatment of this bonus and any tax implications associated with it. Any taxes related to the IRA bonus are the member's responsibility. Navy Federal does not provide tax advice. Other restrictions may apply.
  • Mortgages5/5 ARM as low as+
    3.199%APR
  • Auto Loansas low as+
    1.49%APR
  • Certificatesas high as
    3.00%APY
  • Checkingas high as
    0.45%APY
  • Credit Cardsas low as++
    7.99%APR
  • More Rates