Individual Retirement Accounts

When it comes to saving for retirement, Individual Retirement Accounts (IRAs) are a smart strategy.
We offer Traditional and Roth IRAs with high dividend rates, low risk and long-term security. 

If you already have an IRA somewhere else, you can transfer it to Santa Fe FCU and take advantage of our better rates.

Traditional IRA

The Traditional IRA is an account that allows members to make tax-deductible contributions.  The earnings grow tax-free until the account's owner turns 59½ years old. At this time, the account holder is allowed to begin withdrawing money from the account to fund their retirement. These distributions are fully taxed by the U.S. government.
Traditional IRA accounts must begin taking distributions no later than April 1st following the year the owner turns 72.

Roth IRA

The Roth IRA is an account that allows members to annually contribute a limited amount of money towards retirement. The contributions are not tax deductible. Earnings are tax-free if account is open for five tax years and withdrawn for qualified reasons such as age 59½, disability, death, or first-time home purchase with a lifetime limit of $10,000. 
Roth IRA account holders are not taxed when they begin withdrawing money at or even before retirement.


Coverdell ESA

The Coverdell Educational Savings Account's sole purpose is to help pay for children's education related expenses. An ESA is a great way to invest in a child's future.Typical expenses for primary, secondary or vocational education include tuition, fees, books, supplies, equipment, room and board and computers.