Individual Retirement Accounts (IRA)
Start building your retirement earnings today! Our IRA accounts offer a range of benefits and tax advantages to help you build a strong financial foundation for your golden years.
- Tax advantages
- Investment options
- Estate planning
- Competitive rates
- Knowledgeable guidance
- Consolidation Services
CTCU offers two types of IRAs for you to choose from.
A traditional IRA is a way to save for retirement that gives you tax advantages.
- Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances.
- Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed.
IRA Term Share Certificates
IRA Certificates are available for Members with Individual Retirement Accounts. IRA Certificates give you added flexibility within your IRA.*See current rates and full disclosures.
How to Easily Move an IRA Account from one Institution to a CTCU IRA Account
Our dedicated team is ready to assist you in getting started and setting you on the path to a secure retirement. Needing to close an IRA elsewhere? Follow these step-by-step instructions for a smooth transition:
Step 1: Open a CTCU IRA account.
Step 2: Let us know how much you would like to rollover from your previous account.
We will then request the funds from your current financial institution to fund your new IRA. If you would rather handle the process on your own, you will need to notify your current financial institution and choose a rollover method. Information you may need to provide them includes:
- CTCU’s Address:
- Wiring Information: You can request this by visiting us at one of our branches, emailing us at firstname.lastname@example.org, or calling us at 903-561-2603.
- Check Payable To: Cooperative Teachers Credit Union for benefit of (Your Name)
Step 3: Monitor the transfer.
Keep track of the rollover process and follow up with both the current and receiving banks to ensure the transfer is completed smoothly. Retain copies of all documentation and confirmation statements for your records.
Step 4: Close your old IRA account.
Once your check or wire transfer is deposited and automatic payments have posted to your new CTCU account, you can close your former account.