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Individual Retirement Accounts (IRAs) are savings accounts designed to help you prepare for retirement and offers special tax advantages
Rates as high as 4.65% APY*
Monthly Payment
Why open an IRA with HFS?
Proper planning and preparation is key to enjoying your retirement. With your Credit Union, you can select the IRA that best fits your financial goals.
Traditional IRA
A Traditional IRA allows you to save pre-tax income for retirement. Tax payments are deferred until the money is withdrawn, giving you the benefit of earning compound interest on the larger untaxed amount. In addition, your contributions may be tax deductible.2
The NCUA insures Traditional and Roth IRAs for $250,000 in the aggregate at each Credit Union. Click here for more detailed information on Traditional IRAs and review the “How Your Accounts are Federally Insured” brochure for details on your additional retirement account coverage.
Roth IRA
Contributions to a Roth IRA are made with after-tax income which allows you to withdraw the money without penalties or taxes anytime during or before retirement.2 Your earnings have tax-free interest, dividends and distributions, if money remains in the IRA for at least 5 years and is withdrawn for a qualified distribution.
The NCUA insures Traditional and Roth IRAs for $250,000 in the aggregate at each Credit Union. Click here for more detailed information on Roth IRAs and review the “How Your Accounts are Federally Insured” brochure for details on your additional retirement account coverage.
Coverdell Education Savings Account
A Coverdell Education Savings Account allows parents and students to save up to $2,000 of after-tax income per child, per year, and let it grow tax free for education expenses.2 Tax free growth means you won’t pay taxes on earnings from interest, dividends, appreciation, etc., if used for an eligible institution which include elementary, secondary, and postsecondary schools.
Click here for more detailed information on Coverdell Education Savings.
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Additional Info
You may have the funds transferred from your Savings Account or bring cash, check or money order for your opening deposit.
Existing members may open an IRA by calling the Credit Union or visiting any of our branches.
Download a copy of an informational IRA brochure below:
Helpful Links
Plan for Retirement
Individual Retirement Accounts (IRAs) are savings account designed to help you prepare for retirement and offers special tax advantages.
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1APY = Annual Percentage Yield. For Individual Retirement Accounts, the dividend rate is generally indexed to the 26-week Treasury Bill and may change quarterly. The dividend rates and fees may change after the account is opened and are subject to change. Fees may reduce earnings. There is no minimum balance to earn the stated dividend rate.
2Please consult with your tax advisor for more information regarding tax implications.
See current and available dividend rates and fees.
Membership with the Credit Union is required and open to all who live, work, worship, attend school, volunteer or participate in associations headquartered on the island of Hawaii. A minimum opening balance of $50.00 is required to open a Savings Account.
The Calculator Tools are not guarantees of credit. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Rates
| Dividend Rate | Annual Percentage Yield (APY)(1) | Dividend Compounded | Dividends Credited | Dividend Period |
|---|---|---|---|---|
|
|
|
Quarterly |
Quarterly |
Quarterly (Calendar) |
Rates effective as of: November 21, 2024
Disclosures
1APY = Annual Percentage Yield. For Individual Retirement Accounts, the dividend rate is generally indexed to the 26-week Treasury Bill and may change quarterly. The dividend rates and fees may change after the account is opened and are subject to change. Fees may reduce earnings. There is no minimum balance to earn the stated dividend rate.
For Individual Retirement Accounts, the dividend rate is generally indexed to the 26-week Treasury Bill and may change quarterly. The dividend rates and fees may change after the account is opened and are subject to change. Fees may reduce earnings. There is no minimum balance to earn the stated dividend rate. Please consult with your tax advisor for more information regarding tax implications.
Membership with the Credit Union is required and open to all who live, work, worship, attend school, volunteer or participate in associations headquartered on the island of Hawaii. A minimum opening balance of $50.00 is required to open a Savings Account.
Open an IRA
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