Individual Retirement Accounts
Give your future self some breathing room.
Make an appointment to speak with us today and let us help you build a future and retirement plan you are excited about.
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 | Smart Start IRA Certificate | 12 Month |
| Dividend Rate | 4.571% |
| APY* | 4.65% |
| Balances | $100.00 Minimum Balance to Earn Stated APY |
| Dividends Compounded | Quarterly |
| Type | Variable Rate IRA Certificate | 18 Months |
| Dividend Rate | 4.668% |
| APY* | 4.75% |
| Balances | $500.00 Minimum Balance to Earn Stated APY |
| Dividends Compounded | Quarterly |
*APY = Annual Percentage Yield. APY is accurate as of April 3, 2023. Smart Start IRA Certificate - Additional deposits allowed during the term, $5 minimum. Variable Rate IRA Certificate - Additional deposits allowed, $5 minimum. Dividend rate & APY are subject to change during the term. Early Withdrawal Penalty Fees could reduce earnings. Penalties will/may be imposed for early withdrawal on time accounts. Fees may reduce earnings on the account. Rate may change after account opening. Rate is accurate as of April 4, 2024.
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.
Coverdell ESA
I want to save for my child's future and make sure that when they use their savings, they come out tax-free.
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.
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. Members should consult a tax advisor for additional tax information.
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 at info@forteracu.com, we've got our eyes on our inbox.
IRA Account Benefits
On the couch or on the go, keep your money close with our Mobile App and Online Banking.
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.
Money still doesn’t grow on trees, but Fortera savings accounts do collect dividends quarterly. (Dividends are extra earnings for all your hard-won savings.)
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.
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.
....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.
You’re putting your future in our hands. Managing it for free is the least we can do.
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?
Tag us in. Whether you are on your couch or halfway around the world, use Fortera Video Chat to get quick answers from a friendly face.
What is an IRA?
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.
Who is eligible to open an IRA?
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 one of our service regions; join an affiliated partner, or have an immediate family member who is a Fortera member. Our service regions include Montgomery, Stewart, Chester, Decatur, Lewis, McNairy, and Perry counties in Tennessee or Christian, Trigg, Todd, McLean, and Webster counties in Kentucky. Residents of other counties in Tennessee, Kentucky, Alabama, and Arkansas may also be eligible. (3) You must have a Share Savings Account to establish Fortera Credit Union Membership.
How much does it cost to open an IRA?
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.
What are dividends and how do they work for an IRA?
Dividends are extra money that your account earns just by being open and meeting our minimum account dividend earning value. IRA Accounts earn dividends 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 hard-earned "dough". To learn more about what the current dividend 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?
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?
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.
Can I open an IRA account online or do I need to open it at a branch location?
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 happens when I withdraw from my IRA?
That's a good question! Learn a little more about what happens when you withdraw from your IRA here and if you ever have any follow-up questions, please schedule an appointment with our team.
What's New
