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Traditional IRA

Traditional IRA

Take advantage of tax-deductible contributions with a Traditional IRA.

  • Overview

    Grow your retirement savings tax-free

    Contributions to a Traditional IRA may be tax-deductible in the year you make the contribution and contributions won’t be taxed until you withdraw them in the future.

    Available as a Savings Account or Certificate

    Choose from a variety of certificate terms – from six months to five years.

    Safe and secure

    You can rest easy knowing that your deposits are federally insured separately by NCUA to $250,000 and an additional $250,000 through the Excess Share Insurance Corp (ESI).


    Increase your certificate rate with the Marketwatcher feature

    Increase your certificate rate one time during your term to the current Heartland rate by notifying us and adding $1,000 to your certificate.

  • Rates
    Rates Effective as of: 05-23-2024
    IRA and Coverdell Savings ($50 to open)DividendAPY*
    $0.01 – $2,499.99 0.05% 0.05%
    $2,500 – $9,999.99 0.05% 0.05%
    $10,000 + 0.05% 0.05%

    *APY is annual percentage yield. Rates quoted are in effect 5/1/2024 and are subject to change. If interest is paid to another account, APY may vary.
    Dividends are compounded and paid monthly.
    Dividends calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Dividends will accrue on the business day your deposits are posted to your account.

    Rates Effective as of: 05-23-2024
    Certificates of Deposit – IRAsTermsDividend RateAPY*
    $100-$9,999.996 Months 0.50%0.50%
    $10,000+6 Months 0.70%0.70%
    Special: No minimum to open**9 Months4.18%4.25%
    $100 to $9,999.9912 Months1.00%1.00%
    $10,000+12 Months1.20%1.20%
    $100-$9.999.9918 Months3.20%3.25%
    $10,000+18 Months3.45%3.50%
    $100-$9,999.9924 Months2.72%2.75%
    $10,000+24 Months2.96%3.00%
    $100-$9,999.9936 Months2.23%2.25%
    $10,000+36 Months2.47%2.50%
    $100-$9,999.9948 Months1.98%2.00%
    $10,000+48 Months2.23%2.25%
    $100-$9,999.9960 Months1.74%1.75%
    $10,000+60 Months1.98%2.00%

    *APY is annual percentage yield. Rates quoted are in effect 5/1/2023 and are subject to change. Any early withdrawal penalty may reduce earnings on certificates.

    Compounding Frequency. For all term share certificates offered, the dividends will be compounded and credited to your account every quarter and at maturity. Alternatively, you may choose to have dividends paid to you or to another account quarterly and at maturity rather than credited to this account.

    Daily Balance Computation Method. Dividends are calculated by the daily balance method, which applies a daily periodic rate to your balance each day.

    Withdrawal of Dividends Prior to Maturity. The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal may reduce earnings.

    Marketwatcher option allows you to increase your rate during the term one time to the current rate by notifying us and adding $1,000 to your certificate. Your maturity date will remain the same and you will earn the higher rate for the remaining certificate term.

    You will have a grace period of ten calendar days after maturity to withdrawal the fund without being charged an early withdrawal penalty.

    **9 Month CD Special: Rate effective 5/1/2023-5/31/2023. No minimum balance required to open account or earn APY. At maturity, the balance of the certificate will automatically roll into a six month term certificate at the current rate at that time. Offer subject to change. Marketwatcher feature not available on specials.

  • FAQ
    • Required Minimum Distribution. In 2020 the RMD age changed from 70 1/2 to 72. So at age 72 you are required to start making withdrawals based on the total amount in your IRA.

    • For Traditional IRAs you can make a withdrawal at 59 1/2 years of age. For a Roth IRA you may withdrawal at 59 1/2, but the withdrawal has to be at least five years after the first contribution.

    • The key difference between Roth and Traditional IRAs lies in the timing of their tax advantages: With traditional IRAs, you deduct contributions now and pay taxes on withdrawals later; with Roth IRAs, you pay taxes on contributions now and get tax-free withdrawals later.

There are a lot of financial institutions between my shop and Heartland Credit Union.  I needed a bank that saw me as a person – everyone who I have dealt with at Heartland has taken a personal interest in me and that is huge for me.


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