IRAs & Coverdell Education Savings Accounts (ESAs)

Whether you are saving for retirement or education, TOHEFCU has an IRA that can help you achieve your goals.

We offer Traditional IRAs and Roth IRAs for your retirement savings. Each account earns a competitive dividend. Members should consult their tax advisor for the plan that best meets your needs. Of course, we are always here to answer your questions and assist with opening an IRA.

Traditional IRA

A personal tax sheltered retirement savings plan. It allows most wage earners to defer taxes on earnings until they are withdrawn. In some cases the contributions may be tax deductible in the year they are made. There are NO monthly fees for this account.

Roth IRA

The Roth IRA provides no tax deduction for contributions; however the money you contribute grows tax-free, provided certain conditions are met. There are no monthly fees for this account.

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Coverdell Education Savings Account (ESA)

A Coverdell ESA can help you save money for your child's or grandchild's elementary, secondary and/or college education expenses. You can contribute up to $2,000 per year for each beneficiary. Your contributions are not tax-deductible, but the earnings are tax-free if the funds are withdrawn for qualified education purposes!  There are no monthly fees for this account.

For more information refer to our IRA Frequently Asked Questions page.

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