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Wellby Financial

IRA Accounts

Traditional and Roth IRA options tailored to fit your investment goals.

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Traditional IRA Account

Make your money work as hard as you do while preparing for retirement. Traditional IRA accounts are an excellent option for reinvesting a 401k retirement account or stock rollover from a previous employer. Contribute to your IRA account directly or through payroll deductions, so you can sit back and watch your investment grow.

These contributions may be tax-deductible, and your returns grow as tax-deferred until you make a withdrawal. When opening your IRA, you can select either a Share Certificate or Variable Share account type to best fit your needs. We recommend you consult your tax advisor about the tax-deductibility of your contributions.

Key Benefits of a Traditional IRA Account

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Contributions and earnings growth are tax-deferred. Only pay taxes when you make a withdrawal.

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We pay dividends monthly so you can track your investment’s growth online or through the Wellby mobile app.

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Have peace of mind knowing your funds are insured through the NCUA, and your account offers fraud monitoring and security alerts.

Roth IRA Account

Like Traditional IRA accounts, Roth IRAs are a safe and secure option for retirement savings and investing, with some slight differences. Roth IRA account contributions are made after taxes and allow you to make tax and penalty-free withdrawals once you reach a five-year holding period and have a qualifying event such as being at least age 59 ½.

Your contributions, however, are not tax-deductible. Certificate and variable share account types are available for your selection when opening an IRA account. We recommend you consult your tax advisor about the tax-deductibility of your contributions.

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Key Benefits to a Roth IRA Account

  • It’s an excellent opportunity to create tax-free income during retirement.
  • By contributing after-tax dollars, the growth you earn is also tax-free upon withdrawal.
  • After a five-year holding period, qualifying events or reaching age 59 ½ grants access to your funds and earnings via tax and penalty-free withdrawals. Consult your tax advisor about the tax deductibility of your contributions.

Coverdell IRA

A Coverdell IRA is an Education Savings Account (ESA) offering tax-free investment growth and withdrawals when the funds are spent on qualified education expenses. Qualified education expenses include books, supplies, equipment, academic tutoring, and special needs services in connection with enrollment or attendance at an eligible school ranging from elementary up to college.

Coverdell IRAs are a great option for saving for tuition and other qualifying education expenses. The beneficiaries must be 18 years old or younger when the account is established, and all funds must be distributed before they turn 30.

Key Benefits to a Coverdell IRA Account

  • The account grows tax-free until withdrawn, and withdrawals are also tax-free.
  • Parents, grandparents, relatives, friends, and the child for whom the account was established can contribute to the account.
  • Withdrawals can be used to pay for qualified education expenses at the elementary, secondary, and college levels.
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Identity Theft Recovery Services

All Wellby members with a deposit account receive complimentary fully managed identity theft recovery services. If you suspect identity fraud, a professional is standing by to help.

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Compare Savings Accounts

ProductWellby SavingsWellby Savings PlusWellby Achievement SavingsWellby Early Start SavingsWellby IRA SavingsWellby IRA Certificates
Initial Deposit$0$25$5$5$0Varies
Monthly Dividends
Direct Deposits
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Mobile Account Management
No Minimum Balance
Identity Theft Recovery
Certificates & IRAs

Primary Savings

Wellby Savings

Wellby Savings Plus

Wellby Achievement Savings

Wellby Early Start Savings

Wellby IRA Savings

ACCOUNT TYPE

Primary Savings

BalancesDividend RateAnnual Percentage Yield (APY)Minimum Opening DepositMinimum Balance to Earn APYMinimum Balance to Avoid Service FeeDividends CompoundedDividend Credited
$0.01+0.10%0.10%$5.00$0.01$0.00DailyMonthly

It's Never Too Early to Plan for the Future

Start investing in your golden years by contributing to your new Traditional or Roth IRA account today. Applying is quick and straightforward, with applications typically processed within three business days.

IRA FAQs

We've compiled answers to frequently asked IRA questions to help get you started.

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Common Questions

How do I apply for a Wellby IRA account?
Does Wellby offer Traditional, Roth, and Coverdell IRA account options?
How can I contribute to my Wellby IRA account?
Where can I find more information about IRAs?