Individual Retirement Accounts (IRAs)

Today, more than ever before, one of the greatest challenges facing Spectrum Credit Union (Spectrum) members is assuring their financial security in retirement. Individual Retirement Accounts (IRAs) are excellent tools for retirement savings. Unlike most investments, IRA contributions may be tax-deductible and will grow either tax-deferred or tax-free depending on the type of IRA you choose.*

Spectrum offers both Traditional and Roth IRAs in a liquid savings plan and in higher-yield Share Certificates in a variety of terms.

Traditional IRA

Traditional IRAs may provide immediate tax benefits, with contributions and/or earnings tax-deferred until retirement (based on the availability of an employer's retirement plan and income level). 

Roth IRA

A Roth IRA gives you the ability to invest your after-tax dollars today, lets the investment grow tax-deferred, then allows you to withdraw your principal and earnings tax-free after five years. (You may be subject to a 10 percent penalty on the earnings if taken before age 59 ½.)

Learn more in our IRA and HSA Center.
*Consult your tax adviser to determine which IRA plan is best for you.

New_IRA

Health Savings Accounts (HSAs)

A Spectrum Credit Union Health Savings Account (HSA) can help you make the most of your high deductible health plan (HDHP) by allowing you to make tax-deductible contributions, accumulate tax-deferred earnings, and take tax-free distributions whenever you need to pay for qualified medical expenses.

Spectrum's HSA Checking and HSA MarketEdge accounts earn the same great rates as our regular Checking and MarketEdge accounts, and there are no monthly administration fees or minimum deposit, balance, or distribution limits. Checks and Debit Cards are available for both types of accounts.

HSA Checking

An HSA Checking account allows you to have convenient access to your funds while earning dividends on balances of $500 or more.

HSA MarketEdge

An HSA MarketEdge money market account allows you to earn a higher dividend rate on higher account balances. Withdrawals are limited to six per month per Federal Regulation D.

PLEASE NOTE: If you would like to add an authorized signer to your HSA, please complete and return this HSA Authorized Signer Form.

Learn more in our IRA and HSA Center.

 OpenAnHSAAccount

Master Account Agreement and Disclosure (PDF) adobepdf

You will need Adobe Reader installed in order to view this file.

getadobereader
Download Acrobat Adobe Reader


New_todays-rates New_calculators New_membership-application