IRAs
It's your retirement. Why not save for it your way?
Whether you’re just getting started, looking to grow your nest egg or preparing to put your savings to work, a Dupaco Roth or Traditional IRA can help you stay on track. With competitive rates, no maintenance fees and the peace of mind that your money is federally insured, what’s not to love?
What's an IRA?
Your personal retirement savings
An IRA, short for Individual Retirement Account, is your personal retirement savings account. It can be a great way to supplement an employer-sponsored retirement plan. The best part? You could enjoy tax benefits! Plus, you can move money from a previous employer’s 401(k) into an IRA (called a rollover) for more investment choices and flexibility.
Traditional vs. Roth
Choose the best IRA for you
Dupaco offers Traditional, Roth and Simplified Employee Pension IRAs* to fit your needs. And your IRA deposits are federally insured up to $250,000 by the National Credit Union Administration. For each, you can choose to invest between a fixed-rate IRA term-share certificate, variable-rate IRA share account or IRA brokerage account with a financial advisor.
*Check with your employer or tax advisor for eligibility and requirements.
Contributions may be tax-deductible, and earnings grow tax-deferred until withdrawals in retirement.
Contributions are made with after-tax dollars, and qualified withdrawals in retirement are tax-free.
Self-employed individuals and small business owners can make tax-deductible contributions for themselves and their employees.
Rates
Find a rate that works for you
| Term | Dividend Rate | Annual Percentage Yield (APY) | Min. to Earn |
|---|---|---|---|
| Roth: 7 Month Fixed Jumbo Special | 4.49% | 4.55%1 | $100,000 |
| Traditional: 7 Month Fixed Jumbo Special | 4.49% | 4.55%1 | $100,000 |
| Roth: 7 Month Fixed Special | 4.41% | 4.46%2 | $1,000 |
| Traditional: 7 Month Fixed Special | 4.41% | 4.46%2 | $1,000 |
| Roth: 19 Month Fixed Jumbo Special | 3.86% | 3.90%1 | $100,000 |
| Traditional: 19 Month Fixed Jumbo Special | 3.86% | 3.90%1 | $100,000 |
| Roth: 19 Month Fixed Special | 3.76% | 3.80%2 | $1,000 |
| Traditional: 19 Month Fixed Special | 3.76% | 3.80%2 | $1,000 |
| Rates are effective as of 10/10/2024 and are subject to change without notice. 1Fixed Jumbo Special Rate: Minimum amount required to open any Fixed IRA Jumbo Special certificate is $100,000. The dividend rate and annual percentage yield (APY) may change. Dividends begin to accrue on the business day you deposit non-cash items (for example, checks). Dividends will be compounded semi-annually and will be credited to the account semi-annually. Dividends on your account will be credited by adding the dividends to the principle. The annual percentage yield assumes dividends will remain on deposit until maturity. A penalty will be imposed for early withdrawal. Fees may reduce earnings. 2Fixed Special Rate: Minimum amount required to open any Fixed IRA special certificate is $1,000. The dividend rate and annual percentage yield (APY) may change. Dividends begin to accrue on the business day you deposit non-cash items (for example, checks). Dividends will be compounded semi-annually and will be credited to the account semi-annually. Dividends on your account will be credited by adding the dividends to the principle. The annual percentage yield assumes dividends will remain on deposit until maturity. A penalty will be imposed for early withdrawal. Fees may reduce earnings1 |
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| Term | Dividend Rate | Annual Percentage Yield (APY) | Min. to Earn |
|---|---|---|---|
| Traditional: 60 Months | 2.39% | 2.40%3 | $1,000 |
| Roth: 60 Months | 2.39% | 2.40%3 | $1,000 |
| Traditional: 36 Months | 2.68% | 2.70%3 | $1,000 |
| Roth: 36 Months | 2.68% | 2.70%3 | $1,000 |
| Traditional: 18 Months | 3.22% | 3.25%3 | $1,000 |
| Roth: 18 Months | 3.22% | 3.25%3 | $1,000 |
| Rates are effective as of 10/10/2024 and are subject to change without notice. 3Fixed IRA Rates: Dividends and annual percentage yields (APY) accurate as of the last dividend declaration date. A penalty may be incurred for early withdrawals. Fees may reduce earnings. |
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| Balance | Dividend Rate | Annual Percentage Yield (APY)1 | Min. to Earn |
|---|---|---|---|
| Traditional: $15,000+ | 0.70% | 0.70% | $15,000 |
| Roth: $15,000+ | 0.70% | 0.70% | $15,000 |
| Traditional: $5,000-$14,999.99 | 0.60% | 0.60% | $5,000 |
| Roth: $5,000-$14,999.99 | 0.60% | 0.60% | $5,000 |
| Traditional: $1,000-$4,999.99 | 0.50% | 0.50% | $1,000 |
| Roth: $1,000-$4,999.99 | 0.50% | 0.50% | $1,000 |
| Rates are effective as of 01/01/2023 and are subject to change without notice. 1Variable IRA Rates: Dividends and annual percentage yields accurate as of the last dividend declaration date. The dividend rate and annual percentage yield may change after account opening. Fees could reduce earnings on the account. A penalty will be imposed for early withdrawal. |
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Traditional vs. Roth
Two great options. What’s the difference?
Traditional and Roth IRAs are both great retirement savings options. Each has unique tax benefits. Traditional IRAs offer tax-deductible contributions, while Roth IRAs offer tax-free withdrawals. The best choice depends on your financial situation, so it’s a good idea to check with your tax advisor. Here’s how these accounts compare at Dupaco.
| Traditional | Roth | |
|---|---|---|
| Tax treatment | Tax-deductible contributions*, tax-deferred earnings and savers tax credit*; distributions are taxable | Tax-deferred earnings, tax-free earnings*, savers tax credit* and qualified distributions aren’t taxed |
| Eligibility | Must have earned income | Must have earned income within allowable limits |
| Dupaco investment options | IRA term-share certificate, IRA share account or IRA brokerage account with a financial advisor | IRA term-share certificate, IRA share account or IRA brokerage account with a financial advisor |
| Minimum to open Dupaco IRA | $1,000 | $1,000 |
| Contribution limits for 2024 tax year | $7,000 ($8,000 if 50 or better) or your earned income—whichever is less | $7,000 ($8,000 if 50 or better) or your earned income—whichever is less |
| Contribution deadline | Federal tax filing deadline for the previous year | Federal tax filing deadline for the previous year |
| Required minimum distributions | Required minimum distributions beginning at age 73 | Not required |
| Penalties | IRS early distribution penalty and/or Dupaco early withdrawal and transfer fees may apply | IRS early distribution penalty and/or Dupaco early withdrawal and transfer fees may apply |
| IRS exceptions to penalties | Over age 59½, death, IRS levy, first-time home purchase, certain medical expenses and more. See full list here, and consult your tax advisor. | Over age 59½, death, IRS levy, first-time home purchase, certain medical expenses and more. See full list here, and consult your tax advisor. |
| *If eligible | ||
Calculate the difference
Wanna see the difference in savings over time between a Traditional and Roth IRA? Try our free Roth vs. Traditional IRA calculator!
Get started
Ready to open your IRA? Have questions? Let's talk!
Whether you’re opening your first IRA, transferring an existing IRA or rolling over a 401(k), you’re in the right place. Drop us your info below, and we’ll be in touch. Need to talk sooner? Just give us a call at 800-373-7600, ext. 218. Hint: You can see what info you’ll need to have handy to get started here.
Frequently asked questions
Have questions? We have answers.
Our team of experts has answers to some of your most commonly asked questions. But if you’d rather talk to a human, you can give us a call at 800-373-7600, ext. 218 or drop us your info here and we’ll be in touch.
The best choice really depends on your financial situation, so it’s a good idea to check with your tax advisor. We can help too! But the main difference is how they’re taxed. With a Traditional IRA, you might get a tax break now but pay taxes when you withdraw in retirement. A Roth IRA is the opposite—you contribute after-tax dollars, and your qualified withdrawals and earnings are tax-free.
For the 2024 tax year, you can contribute up to $7,000 ($8,000 if you’re 50 or better) or your earned income—whichever is less. Just keep in mind that your total contributions to all IRAs (both Traditional and Roth) can’t exceed these limits.
It depends on a few factors, like how much you contribute, your investment choices and how long your money has to grow. The earlier you start saving, the more your money benefits from compound growth, which is basically earning interest on your interest. You can compare the potential savings over time with our free Roth vs. Traditional IRA calculator!
Traditional IRAs allow penalty-free withdrawals after age 59½, while Roth IRAs allow tax-free withdrawals after five years and age 59½. If you withdraw money from your IRA before that, you might face a 10% early withdrawal penalty on top of taxes and fees. There are some exceptions (like first-time home purchases or certain medical expenses). But in most cases, it’s best to let your money grow until retirement.
Yes! Rolling over an old 401(k) into an IRA can be a smart way to keep your retirement savings in one place and give yourself more control over your investments. Learn more about what to consider here.
It depends on your situation. If you’re still working at the company that offers your 401(k), it might be a good idea to stick with it—especially if they match your contributions. That’s free money! But if it’s money from a previous employer’s 401(k), rolling it over to an IRA might give you more control, a wider range of investment options and potentially lower fees. You could also explore investing in both an IRA and a 401(k) to save even more for your future. Ultimately, it’s about what best aligns with your current financial needs and long-term goals. Learn more about what to consider here.
What do I need to provide to open an IRA, transfer an IRA or roll over a 401(k) to an IRA at Dupaco?
For any Dupaco IRA, you’ll need to open your account with at least $1,000. You’ll also want to confirm eligibility with your tax advisor. Here’s what else you’ll want to have handy:
- Open an IRA: If you aren’t a member, you’ll first need to join Dupaco as the primary owner. Then you can fund your IRA at one of our branches or over the phone (800-373-7600, ext. 218) with money you have on deposit at Dupaco. You can sign the paperwork in-person or electronically.
- Direct IRA transfer: Your IRA funds are moved directly from one financial institution to another without passing through your hands. If you aren’t a member, you’ll first need to join Dupaco as the primary owner. Then, we’ll need your current financial institution’s name, address, account number, IRA type, approximate value and beneficiary information (name, date of birth and Social Security number). We’ll give you paperwork to sign in-person or electronically. (Just know that not all financial institutions accept electronic signatures.) We’ll send the request to the financial institution for you! Please allow a few weeks for the financial institution to process the request.
- Indirect IRA transfer: Your IRA funds are taken out of one IRA plan, given directly to you and redeposited into an IRA plan within 60 days of receiving the funds. If you aren’t a member, you’ll first need to join Dupaco as the primary owner. You’ll then need to request a distribution from your current financial institution and deposit those funds into a Dupaco IRA within 60 calendar days of receiving them. If you withheld taxes on the original distribution, those funds must be “made up” and redeposited into your new IRA. Otherwise, it will be subject to the IRA early withdrawal penalty. Hint: This transaction type can only be completed once every 365 calendar days.
- Direct 401(k) rollover to IRA: Funds are distributed from your 401(k) plan administrator and deposited directly into your IRA. If you aren’t a member, you’ll first need to join Dupaco as the primary owner. Then you can open a Dupaco IRA. Once your IRA is open, ask your current 401(k) provider to process a direct transfer to your Dupaco IRA. Just give them your new Dupaco account number and our address (PO Box 179, Dubuque, IA 52004).
- Indirect 401(k) rollover to IRA: Funds are distributed from your 401(k) plan directly to you and then redeposited into your IRA. If you aren’t a member, you’ll first need to join Dupaco as the primary owner. Then you can open a Dupaco IRA. Once your IRA is open, you’ll need to request a distribution from your current financial institution. Be sure to follow their specific guidelines for processing the check. Federal guidelines apply to withholdings on these distributions. For details, check with your 401(k) plan administrator. Once you receive the funds, you’ll have 60 days to visit one of our branches to deposit the money and complete the process.
