Secure Your Future with TPFCU!
Making a retirement plan doesn’t have to be overwhelming. At TPFCU, our individual retirement accounts (IRAs) help you grow your retirement savings with competitive rates, tax advantages, and local support you can count on.
By investing in an IRA program, you can ensure that your savings grow in a tax-advantaged manner, preparing you for financial independence in your later years. It’s a secure retirement plan that works for any life stage, no matter if you’re just starting out, opening a rollover IRA in the middle of a career, or winding down and planning to make withdrawals.
IRA Options at TPFCU
TPFCU in Amarillo, TX, understands that every member’s retirement needs are unique, which is why we provide flexible IRA options to build a solid foundation for your future.
We offer four types of accounts:
- Traditional IRAs
- Roth IRAs
- Coverdell Education Savings Accounts (ESA)
- IRA Certificates of Deposit
You can also open a rollover IRA to move savings from another plan or financial institution into an account with us.
To open an IRA or rollover IRA at TPFCU, you must have earned income (meeting a low minimum balance) and be at least 18 years old. Apply online, visit a local branch in Amarillo, Texas, or call 806-359-8571. You’ll need identification, your Social Security number, and proof of income.
IRA Options at TPFCU
A traditional IRA is a tax-advantaged retirement account that allows individuals to prepare for retirement with tax-deferred contributions. In addition to tax-deductible contributions, you’ll see the following traditional IRA benefits:
- Enjoy tax-free growth as you earn interest and dividends.
- Once you make a contribution, your funds won’t be subject to income taxes until any earnings or deductible IRA contributions are distributed.
- As a rollover IRA, a traditional IRA allows you to bring over large amounts of retirement plan savings without paying income tax up front.
The IRS sets annual contribution limits for traditional IRA accounts, and these limits may change. To be eligible, you must have earned income, and your contributions may be fully or partially deductible depending on your income level and any employer retirement coverage for you or a spouse.
Starting at age 73, you must withdraw money at minimum amounts from your IRA, known as required minimum distributions (RMDs), to avoid penalties. Because it’s a tax-deferred account, you’ll need to pay the income tax when these withdrawals are made. If you make an early withdrawal (before age 59 ½), you’ll pay a 10% penalty.
Roth IRAs
A Roth IRA is a retirement savings account that allows you to contribute post-tax income, offering tax-free growth and tax-free withdrawals in retirement if certain conditions are met. These contributions are not tax-deductible.
Your retirement savings are protected because earnings on your investment aren’t subject to federal income taxes. Plus, unlike a tax-deferred traditional IRA, your contributions can be withdrawn anytime with no taxes or penalties, making it easier to access what you save for retirement.
Roth IRA benefits include:
- IRA contributions can be made as long as you’re earning income.
- There’s never any required minimum distribution (RMD).
- You can pass on tax-free distributions to beneficiaries.
- With a Roth rollover IRA, you can settle income tax once and continue to grow the amount tax-free.
Roth IRAs have specific eligibility requirements, such as income limits, which determine whether you can contribute the full amount or a reduced amount. The IRS also sets an annual contribution limit, depending on your age. Our Amarillo, Texas, credit union can keep you up to date with the latest limits for the calendar year.
One of the key advantages of a Roth IRA is the flexibility in withdrawal rules. Money can be taken out at any time without penalty, including early withdrawals. This makes Roth IRAs (and rollover IRAs) a powerful tool for diversifying your retirement plan, ensuring a mix of tax-free and potentially taxable income streams in your retirement years.
Education IRAs
An education IRA, also known as a Coverdell Education Savings Account (ESA), is a tax-advantaged account designed to help families save for future educational costs. Rather than serving as a retirement plan, these accounts allow you to save for your child’s future and primary, secondary, or higher education and use the money income tax-free for qualifying expenses.
An education IRA is an option that:
- Can be used by parents, grandparents, aunts, uncles, and other family members and friends.
- Allows you to contribute up to $2,000 per year, per child under 18.
- Lets you contribute apart from a personal savings plan or employer-sponsored plan.
With an education IRA, your contributions grow tax-free as long as the funds are used for eligible education expenses like tuition, books, and uniforms. These expenses include not only college but also primary and secondary school costs, making this account a flexible way to save for a child’s education.
Starting early helps families build significant savings and secure a strong financial future for their child’s education while taking advantage of income tax benefits.
IRA Certificates of Deposit (CDs)
An IRA certificate is a short-term, high-interest account that can grow your savings much more quickly than a standard savings account. This is an excellent option for members who want fixed, guaranteed returns with higher yields than standard retirement plans and 401(k) accounts.
Benefits of an IRA With TPFCU
When you open an IRA account with TPFCU, you’re making an investment in your future.
We offer:
- Competitive IRA Rates: Earn interest at a higher rate than regular savings accounts with APYs up to 0.75%.
- Tax Advantage: Enjoy tax-deferred growth on your retirement savings and potential tax benefits depending on your IRA type.
- Flexible Options: Choose a traditional IRA, Roth IRA, ESA, or IRA certificate, based on your life stage and long-term goals.
- Security: Accounts are insured up to $250,000 on members’ cumulative deposits in share-type accounts. IRAs are separately insured for up to $250,000.
- Local Service: Receive personalized retirement planning guidance from a local Amarillo, TX,
Why Choose TPFCU for Your Retirement Savings?
TPFCU is more than a credit union. We are your financial partner based right here in Amarillo, Texas.
We’ve got what it takes to get your retirement savings on track:
- Member-Owned Structure: As a credit union, all profits go back to our members, not to shareholders.
- Digital Access: Conveniently manage your accounts online or via our mobile app.
- Experience and Understanding: As a local Texas credit union, we understand the financial needs of Amarillo, TX,
- Reputation Built on Trust: We’ve successfully served members for decades with secure retirement plan
With our knowledgeable team, you can plan, save, and invest in your future with confidence.
IRA Rates and Requirements
Open an IRA with as little as $100. For IRA CDs, enjoy higher returns starting at $5,000.IRA (Traditional, Roth, ESA)
| Minimum | Term Length | APY* | |
| $100 | Flexible | Based on balance (see below) | |
Balance Tier |
APY* |
$100 to $2,000 |
0.50% |
$2,000.01 to $10,000 |
0.50% |
$10,000.01 to $20,000 |
0.75% |
$20,000 or more |
0.75% |
IRA Certificate (CD)
Minimum |
Term Length |
Dividend |
APY* |
$5,000 |
12 Months |
3.80% |
3.85% |
- CDs are insured for up to $250,000 on cumulative deposits made by members to share-type accounts. IRAs are separately insured up to a maximum of $250,000.
- The dividend period is quarterly and the dividend will be credited to your account on the next day after the quarter.
- Dividends are calculated on an average daily balance on accounts open through the end of the quarter.
- The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union Board of Directors.
- If you close your account before dividends are paid, you will receive no dividend payment.
- Dividends are subject to change and are based upon current income and available earnings.
Start Saving for Your Retirement
Your future deserves financial security. Open an IRA with TPFCU today and enjoy tax advantages, competitive rates, and the support of your local Amarillo credit union. Apply online, call us at 806-359-8571, or visit a branch to get started.
Frequently Asked Questions
A traditional IRA offers potential income tax deductions now, with taxes due on withdrawals. A Roth IRA allows for tax-free withdrawals in retirement since contributions are taxed upfront.
Contact our member services team. We’ll guide you through the rollover process to transfer your retirement account with no hassle.
The minimum average daily balance required on IRA accounts is $100.
Yes. We offer a Coverdell Education Savings Account, which lets you contribute up to $2,000 per year per child under 18. Earnings grow tax-free and can be used for qualified education expenses, including tuition, books, and uniforms for primary, secondary, or higher education.
IRA certificates offer fixed returns for a set term length. Regular IRAs have variable rates, lower minimums, and more flexible contributions. Both offer income tax advantages, but certificates provide guaranteed returns.
