Individual Retirement Accounts
Take steps to secure your future today.
Individual Retirement Accounts
Are you interested in opening an IRA? Do you need to have some questions answered before doing so? Our Member Service Representatives can help you decide whether a Traditional or a Roth IRA may be the right choice for you.
A Traditional IRA is an individual retirement account that allows you to save for retirement with tax-deferred earnings and the possibility of tax-deductible contributions.
- Earnings are tax-deferred until withdrawal.
- Earnings may be tax-deductible up to $5,500 ($6,500 if age 50 or older).
- There is no minimum contribution requirement.
- Penalty-free withdrawals may begin at age 59 1/2.
- Mandatory withdrawals must be made at age 70 1/2 (minimum distribution age).
- There is no maximum income limit.
- You cannot contribute past the age of 70 1/2.
A Roth Individual Retirement Account offers different tax incentives than a Traditional IRA to boost your retirement savings. Unlike Traditional IRAs, contributions to a Roth IRA are never tax-deductible. But the money you contribute to your Roth IRA can be withdrawn tax-free at any time.
- Earnings are 100% tax-free at withdrawal.
- You can contribute up to $5,500 per year ($6,500 if you are age 50 or older).
- Roth IRAS allow you to lock in pre-retirement tax rates. This is ideal for people who think their tax rates in retirement will be higher than their current tax rates.
- There is no minimum distribution age, so Roth IRAs can be transferred or inherited.
- Maximum income limit to contribute to a Roth IRA for a single individual is $112,000; maximum income limit for a married couple is $178,000.
- You can contribute at any age.
Read more about the differences between Traditional and Roth IRAs here.
| Available Terms | Dividend Rate | Annual Percentage Yield | Minimum Required Balance |
|---|---|---|---|
| 6 to 11 Months | 0.25% | 0.25% | $500.00 |
| 12 to 23 Months | 0.35% | 0.35% | $500.00 |
| 24 to 35 Months | 0.40% | 0.40% | $500.00 |
| 36 to 47 Months | 0.50% | 0.50% | $500.00 |
| 48 to 59 Months | 0.60% | 0.60% | $500.00 |
| 60 Months | 0.75% | 0.75% | $500.00 |
Rates effective 4/1/2021. All Certificate renewals are automatic. Withdrawals of dividends are allowed. Additional deposits are not allowed. Your certificate account will mature within the term set forth at the left or the maturity date set forth on your Certificate or maturity notice. The credit union will give the owner(s) at least 10 days notice prior to maturity.
There may be a substantial penalty for the early withdrawal of the principal of a Share or IRA Certificate.
Truth in Savings Disclosure
Early Withdrawal Penalties Certificates
Truth in Savings Disclosure
Early Withdrawal Penalties Certificates
Dylan S.
"I have been with OTIS for about 20 years and have never had a bad experience with them. The OTIS team is fantastic and has always helped me efficiently and promptly. I have started my toddlers accounts with them because I know that OTIS is all about family."
Annette M.
"Always friendly and willing to help. You have given us the best rates around. You have everything we need, from checking, savings, loans, safety deposit boxes, good hours, ATMs with no fees, and you're close to home. You support your community in many ways."
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"What do I love about OTIS? Everything! Their online banking, online loan applications, friendly and helpful staff, and the ability to keep them as our banking institution even though we live almost 100 miles away! We are members for LIFE!!"
Andrea R.
"The personal and friendly service is the best part about being a part of OTIS FCU. It's great to bank at a place where you know the people that work there and trust that they will help you any way they can. OTIS FCU is MY credit union."
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The people who work there make all the difference to me. I have moved out of Jay and continue to keep my business at OTIS. It means a lot when you go in and people address you by name, ask how you are, and care what your answer is. OTIS has helped me in times of financial need and hardship without judgment. Thank you."
Linwood D.
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As a soldier who has lived all around the world, I love being a member of OTIS FCU because they care and take care of me. It's truly like being a member of a banking family. OTIS FCU will continue to get my business no matter where I live."
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We have been members just short of 40 years! Through all stages of our lives, OTIS FCU has been there to support us! They have been our friends, our cheerleaders, and our counsel. With the help of OTIS FCU we purchased the land our home is built on, have reliable vehicles, save for college and our retirement, and have been able to navigate the financial care of my parents. OTIS Federal Credit Union has been with us through all the seasons of our lives! THANK YOU!"
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Deb R.
Each and every time I walk into OTIS I am welcomed by a smile and a hello from the staff. They treat me like an old friend that they haven't seen in years--I always leave there with a smile even if I was having a not-so-great day on the way in."
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Carole O.
"In approximately 1991 I went into OTIS Federal Credit Union to share my story and to try to repair my credit. I was at the end of my rope and felt desperate. I was recently divorced and had gone through bankruptcy. I met with a representative who was very understanding and helped me set up a long-term plan to get back on track. I started with a small loan secured by money that I had deposited. Once that was paid off, I was able to take out a loan with a co-signer, and after that, was able to apply for a loan on my own. From that point on, life just got better and better. Without the help of OTIS Federal Credit Union, I know that I would not be in the great financial situation that I am in now with very good credit! Thank you OTIS!"
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"As a member of OTIS FCU, you will be treated above and beyond what you expect. The service is excellent and the people are great to work with. You will not be disappointed that you chose OTIS FCU to be your bank."
Michael M.
"This credit union has been with me every step of the way, my entire 30 years of life! I live two hours away but refuse to give them up! They have financed almost every car I've owned, my wedding, motorcycles, personal loans... You name it! And this can be complicated living so far away, but they've made it a seamless process every time! The staff is personable and always asks how my family is doing, or will stop me to chat about what is going on in my life! I work as a manager of a different bank, but will stay loyal to my credit union! I love this institution!"
