Traditional Money Fund IRA
What sets our Traditional Money Fund IRA account apart
The Traditional Money Fund IRA is designed for people who want to save for retirement while maintaining access and flexibility along the way. Unlike certificate IRAs that require funds to be set aside for a fixed period, this account allows you to make tax-deferred retirement contributions without locking your money into long-term commitments. It offers the freedom to adjust as life changes, while still supporting steady, purposeful progress toward retirement. No minimum opening deposit required.
- Contributions may be tax deductible
- Earnings are tax-deferred, meaning withdrawals in retirement are taxed at ordinary income tax rates
- No age limit on contributions for individuals who have earned income and are eligible
- Dividends paid quarterly
- Penalty-free early withdrawal options for first-time home purchase or college expenses
- Funds federally insured up to $250,000
Build your retirement with flexibility and confidence
Visit a Financial Health Center to start a Traditional Money Fund IRA and take a steady step toward long-term financial health. Keep your savings accessible while building a foundation for the future.
Dividends and Withdrawals
Tiered Dividends
You can open a Traditional Money Fund IRA with no minimum opening deposit and no balance requirement. Earn higher dividends as your balance grows. Account holders must have earned income or alimony in order to open and make annual contributions to a Traditional Money Fund IRA.
Tiered dividends are paid quarterly on any balances. Dividends are calculated using the daily balance method. Your balance tier determines the daily dividend rate and annual percentage yield (APY) on the daily account balance. The rate is variable and may change at any time after the account is opened. Fees could reduce earnings.
Options for Withdrawal
With a Traditional IRA, when you turn 73, you must begin taking required minimum distributions (RMDs). These withdrawals are taxed at ordinary income tax rates at the time of withdrawal. Early withdrawals are subject to penalty. Up to $10,000 may be withdrawn without the normal early withdrawal penalty to pay for qualified first-time home buyer or college expenses. At age 59 1/2, additional qualified early distributions may be allowed.
Substantial penalties for early withdrawal will apply except for those specifically permitted under IRS Regulations. If you wish to make a withdrawal, check to determine whether you may do so penalty-free, or if you will face an early withdrawal penalty.
Get help from Credit Human
Credit Human deposit accounts are federally insured through the NCUA
As a Credit Human member, your deposits—checking, savings, certificates and IRAs—are federally insured up to $250,000 by National Credit Union Administration (NCUA). Similar to deposit insurance coverage offered by the FDIC for banks, the NCUA operates the National Credit Union Share Insurance Fund (NCUSIF) to protect accounts at federally insured credit unions.
Account type and ownership factor into coverage amounts. Read up on NCUA Share Insurance below to maximize your coverage, estimate your coverage online or call our Member Service Center for further information on your insured funds.
