Savings & Investments
Start saving towards your future today!
Savings Account
When you become a member of the credit union, a savings account is opened in your name. An initial deposit of $30 is required. ($25 minimum balance as well as the $5 New Membership Fee) All members must maintain a $25 balance in their savings account to remain a member, and demonstrate regular activity in their account to keep it open.
Other features of Regular Savings include:
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A competitive interest rate paid quarterly on the average daily balance in your savings account.
Click here for current rate information. - Members may make up to six savings withdrawals per month free of charge. After six withdrawals in one month, a $5 fee per withdrawal will be applied.
- Online access to your account.
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Quarterly statements by mail, or free electronic statements (E-statements). Please refer to the
Fee Schedule for fee information regarding paper statements. - Payroll deduction: You may have deposits made directly into your savings account from your paycheck.
If you have any other questions about regular savings accounts at The Wright Credit Union, contact us. Click here for the savings calculator.
Federal Insurance
The National Credit Union Administration (NCUA) provides insurance coverage of up to at least $250,000 for your Credit Union account(s). To learn more about the type of accounts and the total amounts that the NCUA may insure visit this link directly to NCUA:
Club Accounts
At The Wright Credit Union, you can open a Christmas Club account or a Special Savings account and save for those special occasions.
Features included in the Club Account include:
- A competitive dividend rate.
- No minimum balance required.
- Access through Audia Teller, our 24-hour telephone teller system, and Online Banking, our Internet account access system.
- Quarterly statements.
- Payroll deduction for convenient automatic deposits.
- Deposits at any branch or by mail.
Please contact us if you have any questions about Club Accounts or click here for the savings calculator.
Individual Retirement Accounts
One of the greatest challenges facing Americans today is ensuring the financial well being and security of your family throughout your retirement years. With uncertainty over the adequacy of social security growing daily, it’s increasingly necessary to rely on your own savings plans and resources to support your future retirement plans.
Yet another challenge is finding additional money for the impending college education expenses for your children. Tuition and other collegiate expenses are on the rise, so it’s a good idea to get a head start on saving for those expenses now, instead of getting caught unprepared later!
At The Wright Credit Union, we offer 2 main savings accounts geared to help you save for your family’s future: Traditional IRAs and Roth IRAs. A minimum of $1000.00 is required to set up a share certificate.
TRADITIONAL IRAs
Traditional IRA
Traditional IRAs are valuable long-term savings tools that can provide safety and security for you and your family.
Your contributions may be deducted from your taxable income, helping reduce the income taxes you currently pay.
Traditional IRA Features
- Can be opened and funded without employer participation
- Contributions and earnings grow tax-deferred until retirement
- Possible tax deductions based on retirement plan participation and income
- Full access to your funds (10% early withdrawal penalty may apply before age 59½)
- No minimum contribution required in any year
- Annual contribution limits are determined by current IRS regulations
Contributing to Your Traditional IRA
You may contribute to your Traditional IRA if you:
- Meet current IRS age and eligibility requirements
- Have earned income equal to or greater than your contribution amount
You may contribute up to the lesser of:
- 100% of your earned income, or
- The current IRS annual contribution limit
Spousal Contributions
Your spouse may be able to fund your IRA within IRS contribution and deduction limits.
To establish a spousal IRA, the following requirements generally apply:
- You are married and file a joint federal tax return.
- One spouse has compensation or earned income equal to or greater than the IRA contribution.
- An IRA is established for the non-working or lower-income spouse.
- The spouse receiving the contribution meets current IRS eligibility requirements.
- Contribution limits are subject to current IRS guidelines.
Catch-Up Contributions
Individuals age 50 or older before the end of the tax year may be eligible to make additional
catch-up contributions, subject to current IRS limits.
Contribution Deadline
Regular, spousal, and catch-up contributions must generally be made by the federal income tax filing deadline,
typically April 15, unless otherwise established by the IRS.
Nondeductible Contributions
You may make nondeductible contributions if you are not eligible for a tax deduction or choose not to claim one.
Combined deductible and nondeductible contributions cannot exceed the applicable IRS annual contribution limit or
100% of your earned income, whichever is less.
Tax Credits
You may qualify for the Saver's Tax Credit, which provides a tax credit for eligible retirement contributions.
Eligibility generally requires:
- Being at least 18 years old by the end of the tax year
- Not being claimed as a dependent
- Not being a full-time student
- Meeting IRS adjusted gross income (AGI) requirements
Transfers & Rollovers
You may move money from one Traditional IRA to another through either a transfer or a rollover.
Transfer
A transfer is a direct movement of funds between like IRAs, typically from one financial institution to another.
There is generally no limit to the number of transfers you may complete each year, and transfers may be for all
or part of your IRA balance.
Rollover
With a rollover, you (or an eligible beneficiary or former spouse) receive the funds before depositing them into
another IRA. IRS reporting and withholding rules apply. The distributing financial institution reports the
distribution to the IRS, and the receiving institution reports the rollover contribution.
Accessibility to Funds
You always have access to your Traditional IRA funds. However, taxable distributions taken before age 59½ are
generally subject to a 10% early withdrawal penalty unless an IRS exception applies.
Common exceptions include:
- Age 59½ or older
- Death
- Disability
- Qualified medical expenses
- Health insurance premiums during unemployment
- Qualified first-time home purchase
- Qualified higher education expenses
- IRS levy
- Series of substantially equal periodic payments (SEPP)
- Qualified reservist distributions
Required Minimum Distributions (RMDs)
Federal law requires Traditional IRA holders to begin taking Required Minimum Distributions (RMDs) once they
reach the applicable IRS age. The amount is generally based on your account balance and life expectancy. Failure
to take required distributions may result in IRS penalties.
To view The Wright Credit Union's Traditional IRA Rates,
click here.
To use the Retirement Calculator,
click here.
ROTH IRAs
Roth IRA
A Roth IRA allows your retirement savings to grow tax-free. Contributions are made with
after-tax dollars, meaning qualified withdrawals of both contributions and earnings can be
tax-free if IRS requirements are met.
Roth IRA Features
- Contributions are made with after-tax dollars.
- Your contributions can always be withdrawn tax- and penalty-free.
- Investment earnings grow tax-deferred.
- Qualified withdrawals of earnings are tax-free after meeting IRS requirements.
- No age limit for making contributions, provided you have eligible earned income.
- Contribution eligibility is subject to IRS income limits.
Contributing to Your Roth IRA
You may contribute if you:
- Have eligible earned income.
- Meet current IRS modified adjusted gross income (MAGI) requirements.
- Do not exceed annual IRS contribution limits.
Your annual contribution limit is the lesser of your earned income or the current IRS annual
contribution limit. Depending on your MAGI and tax filing status, your allowable contribution
may be reduced or eliminated.
Catch-Up Contributions
Individuals age 50 or older before the end of the tax year may qualify to make additional
catch-up contributions, subject to current IRS limits.
Contribution Deadline
Regular, spousal, and catch-up Roth IRA contributions must generally be made by the federal
income tax filing deadline, typically April 15, unless otherwise established by the IRS.
Qualified Distributions
Qualified Roth IRA withdrawals are generally tax- and penalty-free if the account has been
open for at least five years and one of the following conditions applies:
- Age 59½ or older
- Death
- Disability
- Qualified first-time home purchase
Converting a Traditional IRA to a Roth IRA
You may convert assets from a Traditional IRA to a Roth IRA. IRS rules apply, including:
- Taxes are generally due on any pre-tax assets converted.
- Properly completed conversions are generally not subject to the 10% early withdrawal penalty.
- Conversion eligibility and tax treatment are governed by current IRS regulations.
Required Minimum Distributions (RMDs)
Roth IRAs are not subject to Required Minimum Distributions (RMDs) during the original owner's
lifetime. This allows your retirement savings to continue growing tax-free for as long as you
choose. Beneficiaries may be subject to separate IRS distribution requirements.
For branch office phone numbers,
click here.
To view current Roth IRA rates,
click here.
To use the Retirement Calculator,
click here.
Important Information
Certain restrictions and conditions apply. Not all tax advantages may be available to every
individual. To determine your eligibility and understand current federal and state tax laws,
consult your qualified tax advisor.
Disclaimer: The Credit Union does not provide legal or tax advice. This information is provided as a general educational resource and should not be considered legal or tax advice. Please consult your tax or legal advisor regarding your individual situation and current federal and state laws.