Traditional IRAs
A Traditional IRA may allow you to make pre-tax contributions.
- Contributions Grow: Tax-deferred
- Tax-Deductibility: Yes, may give immediate tax benefits
- Contributions Come From: Pre- or after-tax dollars
- Max Contributions (2024): $7,000 ($8,000 if over the age of 50)
- Contribution Eligibility: Anyone with earned income
- Withdrawal Penalties: Penalty-free but taxes as current income after age 59 1/2
- Mandatory Withdrawal Distributions: After age 73
- Contribution Age Restriction: None.
Roth IRAs
A Roth IRA may allow you to make after-tax contributions.
- Contributions Grow: Tax-free
- Tax-Deductibility: No, gives no current-year tax benefits
- Contributions Come From: After-tax dollars/529 rollover
- Max Contributions (2024): $7,000 ($8,000 if over the age of 50)
- Contribution Eligibility: Those with earned income below a certain level
- Withdrawal Penalties: Penalty- and tax-free after 5 years and age 59 1/2
- Mandatory Withdrawal Distributions: None
- Contribution Age Restriction: None
| Description | APY |
|---|---|
| Single Deposit Traditional or Roth IRA - $500 Minimum | |
Description06-11 Month |
APY3.65% |
Description12-17 Month |
APY3.65% |
Description18-23 Month |
APY3.65% |
Description24-35 Month |
APY3.55% |
Description36-47 Month |
APY3.57% |
Description48-59 Month |
APY3.62% |
Description60-71 Month |
APY3.62% |
Description72 Month |
APY3.72% |
| Single Deposit Traditional or Roth IRA - $100,000 Minimum | |
Description06-11 Month |
APY3.65% |
Description12-17 Month |
APY3.65% |
Description18-23 Month |
APY3.65% |
Description24-35 Month |
APY3.55% |
Description36-47 Month |
APY3.57% |
Description48-59 Month |
APY3.62% |
Description60-71 Month |
APY3.62% |
Description72 Month |
APY3.72% |
| Add-On Traditional or Roth IRA | |
Description$100 Min - Variable Rate |
APY3.44% |
Description$100,000 Min - Variable Rate |
APY3.44% |
Description$100 Min - Fixed Rate |
APY3.65% |
Description$100,000 Min - Fixed Rate |
APY3.65% |
Frequently Asked Questions
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Two options are available to you to add a beneficiary to your account:
- The primary member owner or joint account owner may visit one of our Member Centers.
- Call our Member Help Center at (800) 762-0047 during regular business hours.
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There is not a fee to open an Individual Retirement Account with Wright-Patt Credit Union, however IRA's do require a minimum deposit. $500.00 or $100,000.00 is the minimum balance required to open a Single Deposit IRA account, depending on the Dividend Tier. $100.00 or $100,000.00 is the minimum balance to open a Variable or Fixed Rate IRA accounts depending on the Dividend Tier. There are no yearly fees for an IRA.
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With a Roth IRA, you make contributions with money you’ve already paid taxes on and your money can grow tax-free, with tax-free withdrawals in retirement if certain conditions are met. While your contributions give you no current break on your income tax like the Traditional IRA, when you start taking money out of a Roth IRA, it can be withdrawn tax-free and penalty-free if the initial contribution was made at least five years ago, and you meet one of the following conditions:
- At least 59 ½ years of age
- Purchasing a home for the first time ($10,000 limit)
- Disabled
- Deceased
Learn more about both Traditional and Roth IRAs by clicking here.
Consult your tax advisor for details.
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There can be many potential benefits to consolidating your accounts into one place. If you are in or nearing retirement, you should begin to look closely at your funds. If you have IRAs, 401(k)s, TSPs and pension plans at multiple firms, you may want to consider consolidating your accounts.
Meet with one of our knowledgeable Retirement Solutions team members to learn more about investment options available to you.
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Financial Learning Center
There is a wealth of free financial learning seminars, webinars, online resources and more at the WPCU Financial Learning Center.
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Financial Calculators
Use our financial calculators to estimate monthly payments, refinance needs, estimated savings and more.