Other Share Savings Accounts:
- Christmas Club
- Vacation Club
- Additional Share Savings Account
Share Savings
$5.00 to open an account
- Dividends compounded and paid quarterly
- Quarterly Statements
- Account insured to $250,000
Benefits
- Allows individuals to become members of the Credit Union
- Insurance provided by an agency of the federal government
- Quarterly statements keep members informed on account activity
Individual Retirement Accounts
An Individual Retirement Account (IRA) should be the central building block of any financial portfolio. When you invest in a Heartland Area Federal Credit Union IRA, you can be sure your money will be there when you need it… because they’re insured investments which are built to last. Unlike stocks or mutual funds, all Heartland Area Federal Credit Union’s IRA accounts are separately insured up to $250,000 by NCUA, an agency of the federal government. This means your money (both the dividend and the principal) will always be there for you.
Heartland Area Federal Credit Union offers Traditional and Roth IRA plans. For each of these you may choose either:
Variable Rate
- $50 minimum balance is required to earn a dividend.
- Contributions may be made in “lump sums” or by regular deposits throughout the year.
- Dividends are paid quarterly.
Fixed Rate IRA
- This IRA is in Share Certificates
- Terms available: 12 months, 24 months, or 36 months
- Minimum $5000 deposit
- Dividends are paid quarterly from date of issuance
- Check with Heartland Area Federal Credit Union for current rates by calling 402-571-8444 or 1-866-314-2328 or check the link to our savings rates.
IRA contribution limits for 2023
The IRA contribution limits for 2023 are $6,500 for those under age 50, and $7,500 for those age 50 or older. You can make 2023 IRA contributions until the unextended federal tax deadline (for income earned in 2023).
IRA contribution limits for 2024
The IRA contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older. You can make 2024 IRA contributions until the unextended federal tax deadline (for income earned in 2024).
IRA and Roth Contribution limits
| Year | Under age 50 | Age 50 and older |
|---|---|---|
| 2023 | $6,500 | $7,500 |
| 2024 | $7,000 | $8,000 |
Traditional IRA
Benefits
- Allows funds to grow with taxes deferred until funds are withdrawn
- Members are usually in a lower tax bracket at time of withdrawal
- Allows member to prepare for retirement
- Insured by a federal government agency
- Members are able to contribute up to $6,500 ($7,000 in 2024).
- If you are age 50 or over, you may contribute an additional $1,000.
- Contributions may be tax deductible according to IRS regulations.
- No tax on investment growth until funds are withdrawn
- NCUA insured separately from regular account
- Annual fee of $20.00
- $10 Closing fee
We suggest that you consult with your tax advisor on which IRA is best for you and on the deductibility of your contributions.
Roth IRA
- Members are able to contribute up to a $6,500 ($7,000 in 2024) to ROTH and/or Traditional IRAs
- If you are age 50 or over, you may contribute an additional $1,000.
- Contributions are not tax-deductible. However, the money in your Roth IRA including earnings, can be withdrawn tax-free. Of course, you must conform to the plan provisions to get this tax-free advantage.
- There is no requirement to start withdrawals at age 73.
- Annual fee of $20.00
- $10 Closing fee
- NCUA Insured up to $250,000 separately from regular account
Benefits
- Allows funds to grow when earnings can be withdrawn tax free after 5 years in a Roth account and after age 59.5
- Allows members to prepare for retirement
- Insured by a federal government agency We suggest that you consult with your tax advisor on which IRA is best for you and on the deductibility of your contributions.