Individual Retirement Accounts

Give your future self some breathing room.

IRAs 101

An IRA, short for Individual Retirement Account, is a high-earning, long-term commitment investment and savings account with the purpose of helping you save (and save good) for retirement. IRAs earn higher dividends than a typical savings account. They also offer you a way to independently build your own nest egg, whether you have an employer funded 401(k) or not. All you need to open your own IRA is proof of income, plus a minimum of $100 - $500 to fund the account and you’re in.

Let’s make this easy.

We make saving for retirement simple. We can help you create a custom IRA solution that’s all yours — all you have to do is point us in the right direction.

Smart Start and Variable Rate IRA Certificate Rates

Type Dividend Rate APY* Balances Dividends Compounded
Type:
Smart Start IRA Certificate | 12 Month
Dividend Rate:
0.299%
APY*:
0.30%
Balances:
$100.00 Minimum Balance to Earn Stated APY
Dividends Compounded:
Quarterly
Type:
Variable Rate IRA Certificate | 18 Months
Dividend Rate:
0.399%
APY*:
0.40%
Balances:
$500.00 Minimum Balance to Earn Stated APY
Dividends Compounded:
Quarterly

Smart Start IRA Certificate - Additional deposits allowed during the term, $5 minimum.

Variable Rate IRA Certificate - Additional deposits allowed, $5 minimum. Dividend rate & APY subject to change during the term.

Which option is right for you?

Roth IRA

I want to pay taxes on my IRA contributions now and give my future self the gift of tax-free withdrawals.

Traditional IRA

I want to pay taxes on my IRA contributions later in life and lower my annual taxable income now.

Rollover Account

I'd like to roll an existing IRA or 401(k) account over into a new Fortera IRA.

Starting Fresh

I'm starting from scratch here - either to supplement my employer 401(k) on the side or because I don't have a 401(k) and I want to start saving for retirement.

Not sure?

We have a team of experts ready to help you make the right choices for you.

You’ve given your future some thought — nice work.

Before you have a look at the IRAs we offer, it’s pretty important to share a few more details that make an IRA an IRA — not just another savings account.

Long-term commitment is a must.
Once your term is set, whether it’s one year or five years, withdrawing any money from the account before that period ends will result in a fee equal to a 90-day dividend. Just remember: your patience will pay off. Literally.

Taxes are involved.
No matter which type of IRA you open, you’ll be paying taxes on your contributions, be it now or down the road. Again, if you make any withdrawals before your set term limit, the IRS will take 10% of your funds, plus the withdrawal amount is also taxable.

Fortera members can invest in one of four IRA Certificates (Certificate is a technical term that describes the type of account you’re establishing within the credit union, no big deal).

Need a little help making the right choice for you? Email us, we've got our eyes on our inbox.

Your future looks
BRIGHT

Account Benefits

Always in your pocket

On the couch or on the go, keep your money close with our Mobile App and Online Banking.

Where you go, we go

Credit Unions around the world work together to make sure our members can use branches and ATMs everywhere — surcharge-free. Nice, right? Download our CO-OP app and plot your next getaway.

Save more earn more

Money still doesn’t grow on trees, but Fortera savings accounts do collect dividends quarterly. (Dividends are our version of interest, or in other words, free money.)

Goal setting made simple

Our skilled experts are easy to reach and happy to help. For members and non-members alike, meetings and consultations are always free, so make the most of your money, on us.

Rest easy

With us, your money is always protected and insured by the National Credit Union Administration. You’re covered on all deposits up to $250,000, so save away.

Statements that save

....Trees, space, and worry. Always enjoy access to 18 months worth of e-statements. Keep more trees, toss your file cabinet, and know your info is always safe and sound.

Zero monthly fees

You’re putting your future in our hands. Managing it for free is the least we can do.

Get by with a little help

Or even a lot. Either way, we’re here. Call, text, or chat with our experts anytime you need a friend who knows all things Fortera.

Need a hand?

We're here to help. Let's talk face-to-face.

What is an IRA?
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An IRA, short for Individual Retirement Account, is a high-earning, long-term commitment investment and savings account with the purpose of helping you save for retirement.

Do Fortera IRAs have any fees?
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Our IRA accounts do not have service or maintenance fees. Each account does have a specific minimum deposit amount and a minimum Annual Percentage Yield (APY) balance requirement. See details below:

(1) Cumulative IRA Share - A $5 minimum balance requirement and a tiered minimum Annual Percentage Yield (APY) balance requirement.

(2) Fixed Rate Share IRA Certificate - A $500 minimum balance requirement and a $500 minimum Annual Percentage Yield (APY) balance requirement.

(3) Smart Start IRA Certificate - A $100 minimum balance requirement and a $100 minimum Annual Percentage Yield (APY) balance requirement.

(4) Variable Rate Share IRA Certificate - A $500 minimum balance requirement and a $500 minimum Annual Percentage Yield (APY) balance requirement.

To learn more about our fees, check out our Rate and Fee Disclosure.

Who is eligible to open an IRA?
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To be able to open an IRA, you must meet the following eligibility requirements: (1) You must be able to provide proof of income. (2) You must live, work, worship, or attend school in Montgomery or Stewart counties in Tennessee or Christian, Trigg or Todd counties in Kentucky. (3) You must have a Share Savings Account to establish Fortera Credit Union Membership.

How much does it cost to open an IRA?
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Each IRA account has a specific minimum deposit amount and a minimum Annual Percentage Yield (APY) balance requirement. See details below:

(1) Cumulative IRA Share - A $5 minimum balance requirement and a tiered minimum Annual Percentage Yield (APY) balance requirement.

(2) Fixed Rate Share IRA Certificate - A $500 minimum balance requirement and a $500 minimum Annual Percentage Yield (APY) balance requirement.

(3) Smart Start IRA Certificate - A $100 minimum balance requirement and a $100 minimum Annual Percentage Yield (APY) balance requirement.

(4) Variable Rate Share IRA Certificate - A $500 minimum balance requirement and a $500 minimum Annual Percentage Yield (APY) balance requirement.

At what age do I need to get an IRA?
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Although many people wait to open an IRA, we recommend opening one as early as possible so that you have time to save adequately for your retirement. If you have a job and can provide us with proof of income and would like to open an IRA, schedule an appointment with us and we will help you start saving now.

What are dividends and how do they work for an IRA?
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Dividends are extra money that your account earns just by being open and meeting our minimum account dividend earning value. IRA Accounts earn divideneds quarterly as long as your account has the required minimum deposited in it. It is just another way we like to say thank you to our members for trusting us with your heard earned "dough". To learn more about what the current dividened rate is and our other savings accounts that earn dividends, please see our Rate and Fee Disclosure.

What documents do I need to open an IRA account?
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To verify your identity, we always ask that you come prepared with a government issued ID. It is important that it is not expired. Examples of acceptable IDs include a State Driver's License or a U.S or Foreign Passport. If we have trouble validating your ID, we may ask for a secondary ID. For children, we have a variety of other documents we can use to verify identities. These include social security cards, birth certificates, medicaid cards, and insurance cards. If you have a question about whether or not an ID can be used, just text us at 931.431.6800.

Can I add additional deposits to an IRA?
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Our Cumulative IRAs, Smart Start IRA Certificates, and Variable Rate IRA Certificates all allow our members to make additional deposits. Our Fixed-Rate IRA Certificate does not allow additional deposits.

I need help opening an IRA. Who should I speak with?
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Please contact us at (931) 431-6800 or schedule an appointment using our Online Appointment Scheduling tool.

Can I open an IRA account online or do I need to open it at a branch location?
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This account can be opened in a branch or remotely using our video chat service so that we can verify your identity. If you would like to make an appointment to open an IRA, you can schedule your appointment using our Online Appointment Scheduling tool. If you would like to open your account now, give us a video call.

What's New

Nitty, gritty, and super important.

Fine print is your friend. When you have a minute, give these a good read:
Member Service Agreement
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Privacy Policy
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Rate and Fee Disclosure
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