When you want to save for a comfortable retirement
Use the powerful retirement savings tool known as a Roth IRA to help you start building funds for your future.
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Good to know
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Contribution limits
Annual contribution limits change from year to year.*
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Income limits
Unlike traditional IRAs, Roth IRAs have certain income limits.*
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Withdrawal penalty fees
It is important to note that if you withdraw earnings before the account is five years old, or if you are below the age 59 1/2, there is a 10% penalty fee. You can always withdraw your own contributions penalty-free.*
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Opened by you
Unlike a 401K provided by employer, you must open your own Roth IRA and make contributions to it annually.
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Contribution tax limitations
Be aware that your contributions are not tax-deductible.*
Looking for other investment options?
Explore a variety of investment products offered through Redwood Wealth Management, designed to support your financial goals.
Your hard-earned money is safe
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Received Bauer Financial's 5-star Superior rating for strength based on financial data as of June 30, 2023.
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Rated #1 healthiest credit union in California according to Glatt Consulting’s 2023 Credit Union Industry HealthScore
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
Start building your nest egg early
Invest in your future for long-term growth with tax advantages!*
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*Consult your tax advisor regarding tax implications.
Highlights
Tax-free distributions
With this type of IRA account, you can grow your funds that will turn into tax-free distributions after you retire.*
Tax-free growth
You may not have to pay taxes every year on your Roth IRA’s earnings.*
No required minimum distributions
You will not have to worry about any required minimum distributions from the account after you retire.
Multiple account options
Earn dividends on your contributions with an IRA money market or an IRA certificate of deposit.
View current ratesPenalty-free withdrawals for certain expenses
After five years, you can withdraw up to $10,000 in earnings penalty-free to cover certain qualifying expenses, such as first-time home-buyer expenses. You may also qualify to withdraw money for education and hardships before five year limit.
Withdraw principal contributions anytime
You may withdraw your principal contributions anytime without penalties or taxes.
Manage your IRA account in digital banking
Open your account, make deposits, withdrawals, and transfer funds within RCU online and mobile banking.*
Roth IRA online application
Already have an RCU account?
(We’ll pre-fill your application)
New to RCU?
Eligibility
You can become a Member of RCU if you meet any of the following criteria:
- You live, work or own a business in the counties of Sonoma, Marin, Napa, Mendocino, Lake, San Francisco, Solano, or Contra Costa.
- You are an immediate family member of a current RCU Member.
- You work for a designated Select Employer Group.
Rates
IRA Rates
IRA Money Market
as high as 5.00 % APYIRA Certificate
as high as 5.25 % APYPPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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