Traditional and Roth IRA options tailored to fit your investment goals.
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
Contributions and earnings growth are tax-deferred. Only pay taxes when you make a withdrawal.
We pay dividends monthly so you can track your investment’s growth online or through the Wellby mobile app.
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.
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.
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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We've compiled answers to frequently asked IRA questions to help get you started.