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inspiring our members to achieve financial success

IRAs

Helping You Prepare for a Secure Financial Future
Individual Retirement Accounts (IRAs) are an easy and smart way to save for a secure retirement. If you don't have an IRA, you owe it to yourself to learn more about the benefits of opening an account today.

Already have an IRA somewhere else? We’ll give you some compelling reasons to move your account to Oxford Federal Credit Union:

  • Competitive rates
  • Your retirement accounts are insured up to $500,000*
  • Depending on the type of IRA you open, contributions may be income tax deductible or income tax free at retirement
  • Personal service from people you know and trust

We offer a range of IRA options, including:

  • Traditional IRAs
  • Roth IRAs
  • Educational IRAs

For more information about the benefits of opening your own IRA, call us at 1.800.991.9219.
Click Here to view our IRA rates.
Click Here to open your account online.

*Your savings are insured up to $500,000. The first $250,000 per member is insured by the National Credit Union Administration, a U.S. Government Agency, and an additional $250,000 of coverage is provided by Excess Share Insurance Corporation (ESI), a private corporation. Full coverage is provided at no cost to members.

Invest in Your Future

A Traditional IRA can help you prepare for retirement and serve a number of other purposes.

  • Grow Your Nest Egg - Earnings and deductible contributions in a Traditional IRA grow income tax deferred until funds are withdrawn. For example, if you earn $40,000 a year and contribute $2,000 to an IRA, the IRS will only tax you on $38,000. Taxes are then paid when you withdraw the money. Funds can be withdrawn beginning at age 59 1/2 and must begin by age 70 1/2.
  • First Home Purchase - You can withdraw up to $10,000 penalty free* towards the purchase of your first home.
  • Pay for College - Traditional IRA funds used to pay for qualified educational expenses can be withdrawn penalty free*. There is no dollar limit and funds can be used for tuition, fees, books and supplies at a post-secondary institution.
  • Assist with Medical Expenses - Funds to pay for certain medical expenses can be withdrawn from your traditional IRA without paying a 10% early distribution tax.

*You will still owe regular income taxes on any withdrawals made from a traditional IRA

Invest in Your Future

A Roth IRA can not only help you prepare for retirement, but also achieve a number of other objectivees.

  • Preparing for Retirement - Roth IRAs serve as a great retirement tool because qualified withdrawals, including earnings, can be taken income tax free.
  • First Home Purchase - If you've had your Roth IRA for at least five years, you can use $10,000 towards the purchase of your first home tax and penalty free.
  • Leave Funds to your Heirs - There are no mandatory withdrawals required from a Roth IRA, allowing you to leave the money to heirs income tax free.
  • Pay For College – Roth IRA funds used to pay for qualified educational expenses may be taken penalty tax free. There is no dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution.
  • Rainy Day Fund – A Roth IRA gives you access to your regular contributions tax and penalty free at any time and for any reason.

Invest in Their Future

Higher education is one of the biggest and most worthwhile financial investments you'll ever make - for yourself or a loved one. An Education IRA, more commonly known as a Coverdell Education Savings Account (ESA), can help you start saving for your children's future now.

  • You can save up to $2,000 per child per year in a Coverdell ESA at Oxford Federal Credit Union. Because your contributions are made with after tax dollars, the earnings and withdrawals are income tax free when used for qualified educational expenses. You or any member of your family can contribute to the account, up to a $2,000 total annual limit.
  • You can continue saving each year until the child reaches 18. When the money is withdrawn, it can be applied to a broad range of qualified expenses for college or public or private K-12 education, including tuition, tutoring, room and board, and supplies.
  • A unique Coverdell ESA feature is your ability to transfer funds from one child's account to another child's account in the same family. Also, contributions can be made on behalf of the same child to both a Coverdell ESA and a 529 plan.