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We know you've seen them — those people in Hawaiian shirts and flip flops catching a flight to some exotic destination on a Tuesday. By saving for your retirement early, that could be you.

Make your years of hard work pay off in a big way with a Traditional or Roth IRA. Reach out to us to open up your account — and start picking out your Hawaiian shirts now.


  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $6,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase share certificates within IRA
  • $1 minimum deposit to open

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.

Traditional IRA

  • Earnings are tax-deferred until withdrawal.
  • Contributions are tax-deductible on current tax returns.
  • No initial setup or maintenance fees.
  • Maximum contribution of $6,500 per year or $7,500 if you are over 50 years of age.
  • Penalties for early withdrawal, except under certain situations.**
  • No age limit to make contributions, as long as you have earned income. 
  • As of 2023, the yearly required minimum distribution (RMD) starts the year you turn 73.

Roth IRA

  • Earnings grow tax-free.
  • Withdrawals are tax-free.
  • Contributions are not tax-deductible.
  • Maximum contribution of $6,500 per year or $7,500 if you are over 50 years of age.*
  • Penalties for early withdrawal of earnings, except under certain situations.**
  • No age limit to make contributions, as long as you have earned income. 
  • No mandatory distributions at age 73.
  • IRA certificates and savings account available.

*Maximum contribution may vary based on income and filing status.

**There are no IRS penalties for premature withdrawal if there is a qualified exception. Examples of qualified exceptions include, but are not limited to: over 59½ years of age, first-time home purchase, qualified college expenses, qualified medical expenses, death or disability. Additionally, Roth IRA plans must be 5 or more years old to avoid tax penalties on the withdrawal of interest, and all withdrawals from a Traditional IRA are taxed as income. For more information concerning IRS penalties, please consult a licensed tax professional. SWACU will charge penalties for withdrawals from CDs outside of the grace period unless the IRA owner has died, or the owner has reached 73 years of age and the distribution is from a Traditional IRA.

Give the gift that keeps on giving — an education! Set up a Coverdell ESA to start saving for your child's college tuition early.

  • Earnings grow tax-free
  • Withdrawals are tax-free
  • Contributions are not tax-deductible
  • Maximum contribution of $2,000 per year per beneficiary
  • Contributions do not count against limits of other IRAs
  • Distributions are penalty-free at any time if used for qualified education expenses*
  • Distributions must be complete after beneficiary turns 30 years old or dies
  • IRA certificates and savings account available

*Penalty will apply if used for something other than qualified education expenses.

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