It's Never Too Early to Start Planning

Individual Retirement Accounts
Traditional  0.06% 0.06%
ROTH IRA 0.06% 0.06%
Coverdell Educational Savings  0.06% 0.06%

As of December 16, 2021

Download a Savings Rate Sheet PDF 


Individual Retirement Accounts

TCCU offers three different types of Individual Retirement Accounts: Traditional, Roth, and Coverdell Education Savings.

  • A Traditional IRA offers tax-deferred earnings and the possibility of tax-deductible* contributions.
  • A Roth IRA is funded by non-deductible contributions but gives owners the opportunity for tax-free* withdrawals.
  • A Coverdell Education Savings Account enables parents and others to deposit $2,000 per year to be used for educational purposes. Earnings grow tax-free* if you meet the income requirements.

Start planning for your retirement today by opening an IRA account at Torrance Community Credit Union. An IRA account is an important part of your long-term savings portfolio. For traditional and Roth IRAs there is a new contribution limit of $6,000.00 and for members over 50, there is a catch-up contribution of $1,000.00.

*Please consult with a tax professional regarding your personal financial situation.

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