Individual Retirement Account (IRA)
Save for your future with the most popular IRA
A traditional IRA is a tried-and-true investment tool for many individuals who want to save for retirement with deductible pre-tax dollars. You may consider a traditional IRA if you don’t have access to a workplace retirement savings plan
or are currently in a higher tax bracket than you anticipate being in after retirement.
- Who’s eligible for a traditional IRA? Anyone with earned income.
- Traditional IRA annual contributions/limits: $7,000 for tax year 2024, with an additional $1,000 catch-up contribution if you’re age 50 or older.
- Traditional IRA tax details: After reaching age 59½, you can access funds without penalties or restrictions. Earnings are taxed as ordinary income at your tax rate at withdrawal. After you reach age 73, you must take required minimum distributions (RMD).
Open my traditional IRA
Planning ahead with a Roth IRA
A Roth IRA allows you to invest after-tax dollars toward your retirement. While contributions aren’t tax deductible, you get the benefit of withdrawing your earnings tax free and can use your contributions before retirement for qualified special purposes, if needed. A Roth IRA could be beneficial if you expect to be in a higher tax bracket during retirement.
- Who is eligible for a Roth IRA? Eligibility is based on income level.
- Roth IRA annual contributions/limits: $7,000 for tax year 2024, with an additional $1,000 catch-up contribution if you’re age 50 or older.
- Roth IRA tax details: You can withdraw contributions to a Roth IRA tax free at any time. However, you’ll incur taxes and penalties if you withdraw earnings before age 59½ and if you’ve held the account less than five years. Roth IRAs don’t have required minimum distributions (RMDs).
Open my Roth IRA
Vantage Checking—keeping it simple
The path to financial success starts here. With Vantage Checking, you’ll have access to the tools you need on your journey to financial success: free online banking, bill pay, eStatements and mobile banking.
- No minimum balance requirement
- No debit card transaction minimums
- No direct deposit/ACH requirement
- Overdraft protection options
Go with free checking!
Looking for something more rewarding?
Check out our Rewards Checking account.
Are you an educational employee?
Our Legacy Checking account is just for you!
Legacy Checking—exclusively for educational employees
Educators invest in their students, Vantage invests in them. To honor our legacy as a credit union founded by teachers, our educator-exclusive checking account cuts the fees and piles on the rewards—helping you reach your financial goals even faster.
Forget the apple. Get real rewards from your checking!
Legacy Checking Benefits:
- Interest-bearing (increases with debit card usage)**
- No minimum balance requirement
- No monthly maintenance fee
- NSF fee rebates (quarterly, by request)†
- Automatic overdraft fee rebates
- 0% down educator mortgage††
Rates**
| <20 debit card purchases (don’t meet account qualifiers) | 0.10% APY^ |
| 20-29 debit card purchases (meet account qualifiers) | 0.50% APY^ |
| 30+ debit card purchases (meet account qualifiers) | 1.25% APY^ |
Interest paid on account balances up to $5000
Rates effective: Saturday, May 1, 2021
View full Legacy Checking account details and qualifiers. (FAQ)
How many IRAs can you have?
While there’s no limit to the number of IRAs you can have, you are limited on the amount you can contribute each year. For example, if you have a traditional IRA and Roth IRA, or more than one traditional or Roth IRA, you can only contribute up to the annual limit across all accounts per tax year. You can also contribute to a traditional or Roth IRA up to the annual limit if you’re enrolled in workplace retirement plans, including a 401(k), SEP or SIMPLE IRA.
Comparing IRA options at-a-glance
Features | Roth IRA | Traditional IRA |
|---|---|---|
| Tax Advantages Contributions | Not tax-deductible | May be tax-deductible |
| Earnings | Tax-deferred and possibly tax free if you meet eligibility requirements | Taxes are deferred until you begin withdrawing funds |
| Contributions Maximum contributions | 2023: Up to $6,500 for those under 50; $7,500 for those 50+ 2024: Up to $7,000 for those under 50; $8,000 for those 50+ | 2023: Up to $6,500 for those under 50; $7,500 for those 50+ 2024: Up to $7,000 for those under 50; $8,000 for those 50+ |
| Eligibility | No age restrictions However, contributions may be limited depending on MAGI tables | Anyone with earned income may contribute |
| Withdrawals Tax/penalty consequences | Contributions can be withdrawn anytime without taxes or penalties Earnings can be withdrawn, without taxes and penalties, if you're at least 59 ½ and your account has been open for 5 years or more | All earnings and deductible contributions are taxable upon withdrawal Penalties will be assessed if withdrawals are taken before age 59 ½, or if withdrawals are not taken by age 73 |
| Distribution requirements | None | Required minimum distributions upon reaching age 73 |
| Exceptions to penalties | Some exceptions are made if funds are used for a first-time home purchase, education or certain medical expenses | Some exceptions are made if funds are used for a first-time home purchase, education or certain medical expenses |
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