Individual Retirement Accounts (IRAs) are designed to help members save for retirement. Some IRAs allow members to save without paying taxes on their fund until they begin to make withdrawals. Other IRAs offer tax-deferred earnings. The credit union offers fixed rate IRA savings accounts. Minimum opening balance: None Monthly service charge: None Terms: None Earnings: In many cases the earnings are tax-deferred or tax deductible. Members should consult their tax advisors or a Members Financial Services representative for details. Type of IRA: Traditional, Roth and Coverdell. Deposits: Contributions cannot exceed $2,000 per calendar year for Traditional or Roth IRAs. Contributions cannot exceed $2,000 per calendar year for Coverdell IRA. Dividends: Refer to your Rate Schedule for current rates. Dividends are based on an average daily balance, and are compounded and paid quarterly.