IRA’s

British Airways EFCU offers Traditional IRA's, Roth IRA's and the Coverdell Education Savings Accounts to meet your long-term savings needs.

IRA accounts offer high yields and unique tax advantages, which makes them an excellent investment choice whether you're looking to save for retirement or save for a child's educational expenses. With no minimum to open an account establishing a routine of regular savings isn't as hard as you think you can make automatic contributions via Direct Deposit, Payroll Deduction or even set up a transfer from your checking or share savings account. British Airways investment options into IRA's include IRA Share Savings Accounts as well as high-yield IRA Certificates of Deposit.

Traditional IRA's: Depending on your individual tax situation you can deduct all or part of your annual contribution and defer paying taxes until you withdraw your funds. You can begin withdrawing without a tax penalty at age 59 1/2 and you must start withdrawing at age 70 1/2.

ROTH IRA's: With this non-deductible IRA your money grows tax-free which means you never pay taxes on the dividends earned. You can withdrawals when you need them as long as you meet certain criteria (the account has been opened for at least five years and you are older than 59 1/2, disabled or a first time home buyer).

Coverdell Education Savings Account: You may be able to contribute to a Coverdell Education Savings Account (ESA) to finance a beneficiary's qualified education expenses. The contribution is not tax-deductible; instead earnings grow tax-free. The total contribution to all accounts on behalf of a beneficiary in any year cannot exceed $2,000.00. Qualified withdrawals have no taxes or penalties.

Contributions: You can contribute to your IRA throughout the year. However, the deadline for contributing for 2009 is April 15, 2010. Eligible individuals can contribute as much as $5,000 and if you are age 50 or over $6,000.

Now's a great time to open or make a contribution to an IRA and start saving for your future. Visit or call the credit union to invest today!