Refer a FriendIndividual Retirement Accounts (IRAs)
It’s never too early (or too late) to take control of your retirement.
IRAs are perhaps the most popular retirement funding tools around. The main idea is tax-advantaged growth. You don’t pay taxes on funds until withdrawn, usually starting at age 59 ½.
IRAs come in two flavors – traditional and Roth. Both provide tax breaks, but the choice lies in the timing. Traditional IRA contributions you make are both state and federal tax deductible in the year they are made. Later withdrawals are taxed at ordinary income rates, and come at a time when you’ll likely be in a lower tax bracket.
Roth IRAs don’t get a tax break for deductions. So it’s a matter of timing when you wish to benefit from the tax break. Traditional IRAs avoid taxes when you deposit your money. Roth IRAs benefit you later, when you withdraw funds in retirement.
You can use any investment vehicle you prefer (stocks, mutual funds, bonds, etc) to grow the funds held in your IRA.
Current Year Contribution Limits
- $7,000 age 49 and below, Traditional or Roth IRA
- $8,000 age 50+, Traditional or Roth IRA
Features
- Traditional or Roth plans available
- Can be established under a Certificate of Deposit or Insured Money Management Account
- Contributions are usually tax deductible
- No account opening or maintenance fees
Rates
Compare Rates
Highlighted fields are current specials.
| Account | DIVIDEND RATE (INTEREST) | APY* | VIP Bonus Rate | VIP Bonus APY* |
|---|---|---|---|---|
| IRA Money Market Savings |
0.598%
|
0.60%
|
0.598%
|
0.60%
|
| Roth IRA Shares |
0.598%
|
0.60%
|
0.598%
|
0.60%
|
| SEP IRA |
0.598%
|
0.60%
|
0.598%
|
0.60%
|
| 11 Month IRA/HSA CD |
3.445%
|
3.50%
|
3.687%
|
3.75%
|
| 18 Month IRA/HSA CD |
3.687%
|
3.75%
|
3.928%
|
4.00%
|
| 03 Month IRA/HSA CD |
3.105%
|
3.15%
|
3.348%
|
3.40%
|
| 05 Month IRA/HSA CD |
3.105%
|
3.15%
|
3.348%
|
3.40%
|
| 06 Month IRA/HSA CD |
3.105%
|
3.15%
|
3.348%
|
3.40%
|
| 07 Month IRA/HSA CD |
3.105%
|
3.15%
|
3.348%
|
3.40%
|
| 08 Month IRA/HSA CD |
3.105%
|
3.15%
|
3.348%
|
3.40%
|
| 09 Month IRA/HSA CD |
3.105%
|
3.15%
|
3.348%
|
3.40%
|
| 10 Month IRA/HSA CD |
3.105%
|
3.15%
|
3.348%
|
3.40%
|
| 12 Month IRA/HSA CD |
3.154%
|
3.20%
|
3.397%
|
3.45%
|
| 13 Month IRA/HSA CD |
3.154%
|
3.20%
|
3.397%
|
3.45%
|
| 14 Month IRA/HSA CD |
3.154%
|
3.20%
|
3.397%
|
3.45%
|
| 15 Month IRA/HSA CD |
3.154%
|
3.20%
|
3.397%
|
3.45%
|
| 17 Month IRA/HSA CD |
3.154%
|
3.20%
|
3.397%
|
3.45%
|
| 24 Month IRA/HSA CD |
3.203%
|
3.25%
|
3.445%
|
3.50%
|
| 25 Month IRA/HSA CD |
3.203%
|
3.25%
|
3.445%
|
3.50%
|
| 30 Month IRA/HSA CD |
3.203%
|
3.25%
|
3.445%
|
3.50%
|
| 36 Month IRA/HSA CD |
3.203%
|
3.25%
|
3.445%
|
3.50%
|
| 48 Month IRA/HSA CD |
3.251%
|
3.30%
|
3.494%
|
3.55%
|
| 60 Month IRA/HSA CD |
3.300%
|
3.35%
|
3.542%
|
3.60%
|
Rates as of 04/25/25. *APY = Annual Percentage Yield. Fees may reduce earnings. Rates are subject to change after account opening. $5 minimum to open a membership. Lake Michigan Credit Union does not provide tax or legal advice. Please consult your tax advisor or attorney before making any decisions or taking any action based on this information.